SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020

SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter)

Delaware 001-14469 04-6268599 (Simon Property Group, Inc.) (Simon Property Group, Inc.) (Simon Property Group, Inc.) Delaware 001-36110 34-1755769 (Simon Property Group, L.P.) (Simon Property Group, L.P.) (Simon Property Group, L.P.) (State of incorporation (Commission File No.) (I.R.S. Employer or organization) Identification No.) 225 West Washington Street , Indiana 46204 (Address of principal executive offices) (ZIP Code) (317) 636-1600 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbols Name of each exchange on which registered Simon Property Group, Inc. Common stock, $0.0001 par value SPG 3 8 /8% Series J Cumulative Redeemable Simon Property Group, Inc. SPGJ New York Stock Exchange Preferred Stock, $0.0001 par value Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Simon Property Group, Inc. Yes ց No † Simon Property Group, L.P. Yes _ No †

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Simon Property Group, Inc. Yes † No ց Simon Property Group, L.P. Yes † No _ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Simon Property Group, Inc. Yes ց No † Simon Property Group, L.P. Yes _ No †

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Simon Property Group, Inc. Yes ց No † Simon Property Group, L.P. Yes _ No † Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

Simon Property Group, Inc.: Large accelerated filer ց Accelerated filer † Non-accelerated filer † Smaller reporting company †

Emerging growth company † Simon Property Group, L.P.: Accelerated filer † Smaller reporting company † Large accelerated filer † Non-accelerated filer ց Emerging growth company † If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Simon Property Group, Inc. † Simon Property Group, L.P. †

Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Simon Property Group, Inc. Yes ց No † Simon Property Group, L.P. Yes _ No † Indicate by check mark whether the Registrant is a shell company (as defined in rule 12-b of the Act).

Simon Property Group, Inc. Yes † No _ Simon Property Group, L.P. Yes † No _ The aggregate market value of shares of common stock held by non-affiliates of Simon Property Group, Inc. was approximately $20,734 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2020. As of January 31, 2021, Simon Property Group, Inc. had 328,493,416 and 8,000 shares of common stock and Class B common stock outstanding, respectively. Simon Property Group, L.P. had no publicly-traded voting equity as of June 30, 2020. Simon Property Group, L.P. has no common stock outstanding.

Documents Incorporated By Reference Portions of Simon Property Group, Inc.’s Proxy Statement in connection with its 2020 Annual Meeting of Stockholders are incorporated by reference in Part III.

EXPLANATORY NOTE This report combines the annual reports on Form 10-K for the annual period ended December 31, 2020 of Simon Property Group, Inc., a Delaware corporation, and Simon Property Group, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of December 31, 2020, Simon owned an approximate 87.4% ownership interest in the Operating Partnership, with the remaining 12.6% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management. We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements. We believe that combining the annual reports on Form 10-K of Simon and the Operating Partnership into this single report provides the following benefits:

• enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties. The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same. To help investors understand the differences between Simon and the Operating Partnership, this report provides:

• separate consolidated financial statements for Simon and the Operating Partnership;

2 • a single set of notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable;

• a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and

• separate Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities sections related to each entity. This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business. In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

3 Simon Property Group, Inc. Simon Property Group, L.P. Annual Report on Form 10-K December 31, 2020

TABLE OF CONTENTS

Item No. Page No. Part I

1. Business 5

1A. Risk Factors 11

1B. Unresolved Staff Comments 26

2. Properties 27

3. Legal Proceedings 53

4. Mine Safety Disclosures 53 Part II

5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer

Purchases of Equity Securities 54

6. Selected Financial Data 56

7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 58

7A. Qualitative and Quantitative Disclosure About Market Risk 77

8. Financial Statements and Supplementary Data 79

9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 136

9A. Controls and Procedures 136

9B. Other Information 138 Part III

10. Directors, Executive Officers and Corporate Governance 138

11. Executive Compensation 138

12. Security Ownership of Certain Beneficial Owners and Management and Related

Stockholder Matters 138

13. Certain Relationships and Related Transactions and Director Independence 138

14. Principal Accountant Fees and Services 138 Part IV

15. Exhibits, and Financial Statement Schedules 140 16. Form 10-K Summary 140

Signatures 146

4 Part I

Item 1. Business Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2020, we owned or held an interest in 203 income-producing properties in the United States, which consisted of 99 malls, 69 Premium Outlets, 14 Mills, four lifestyle centers, and 17 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2020, we had ownership interests in 31 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe and . As of December 31, 2020, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 15 countries in Europe. For a description of our operational strategies and developments in our business during 2020, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K.

Other Policies The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote.

Investment Policies While we emphasize equity real estate investments, we may also provide secured financing to or invest in equity or debt securities of other entities engaged in real estate activities or securities of other issuers consistent with Simon’s qualification as a REIT. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that Simon cannot make an investment that would cause its real estate assets to be less than 75% of its total assets. Simon must also derive at least 75% of its gross income directly or indirectly from investments relating to real property or mortgages on real property, including “rents from real property,” dividends from other REITs and, in certain circumstances, interest from certain types of temporary investments. In addition, Simon must also derive at least 95% of its gross income from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing. Subject to Simon’s REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies. Additionally we have and may in the future make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments we currently hold in certain retail operations.

Financing Policies Because Simon’s REIT qualification requires us to distribute at least 90% of its REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt. We must comply with the covenants contained in our financing agreements that limit our ratio of

5 debt to total assets or market value, as defined. For example, the Operating Partnership’s lines of credit and the indentures for the Operating Partnership’s debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for the debt securities of the Operating Partnership. We strive to maintain investment grade ratings at all times for various business reasons, including their effect on our ability to access attractive capital, but we cannot assure you that we will be able to do so in the future. If Simon’s determines to seek additional capital, we may raise such capital by offering equity or incurring debt, creating joint ventures with existing ownership interests in properties, entering into joint venture arrangements for new development projects, retaining cash flows or a combination of these methods. If Simon’s Board of Directors determines to raise equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. Simon’s Board of Directors may issue a number of shares up to the amount of our authorized capital or may issue units in any manner and on such terms and for such consideration as it deems appropriate. We may also raise additional capital by issuing common units of partnership interest in the Operating Partnership, or units. Such securities also may include additional classes of Simon’s preferred stock or preferred units of partnership interest in the Operating Partnership, or preferred units, which may be convertible into common stock or units, as the case may be. Existing stockholders and unitholders have no preemptive right to purchase shares or units in any subsequent issuances of securities by us. Any issuance of equity could dilute a stockholder’s investment in Simon or a limited partner’s investment in the Operating Partnership. We expect most future borrowings will be made through the Operating Partnership or its subsidiaries. We might, however, incur borrowings through other entities that would be reloaned to the Operating Partnership. Borrowings may be in the form of bank borrowings, publicly and privately placed debt instruments, or purchase money obligations to the sellers of properties. Any such indebtedness may be secured or unsecured. Any such indebtedness may also have full or limited recourse to the borrower or be cross-collateralized with other debt, or may be fully or partially guaranteed by the Operating Partnership. We issue unsecured debt securities through the Operating Partnership, but we may issue other debt securities which may be convertible into common or preferred stock or be accompanied by warrants to purchase common or preferred stock. We also may sell or securitize our lease receivables. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly do so. The Operating Partnership has a $4.0 billion unsecured revolving credit facility, or Credit Facility, a $2.0 billion delayed-draw term loan facility, or Term Facility, and a $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, or together, the Facilities. The Credit Facility and the Term Facility can be increased in the form of either additional commitments under the Credit Facility or incremental term loans under the Term Facility in an aggregate amount for all such increases not to exceed $1.0 billion, for a total aggregate size of $7.0 billion, in each case, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. The initial maturity date of the Term Facility and Credit Facility are June 30, 2022 and June 30, 2024, respectively. Each of the Term Facility and Credit Facility can be extended for two additional six-month periods to June 30, 2023 and June 30, 2025, respectively, at our sole option, subject to satisfying certain customary conditions precedent. The Term Facility was available via a single draw during the nine-month period following March 16, 2020 and was drawn on in 2020 prior to expiring. Borrowings under the Credit Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.65% and 1.40% or (ii) the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) (the “Base Rate”), plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.00% and 0.40%. The Credit Facility includes a facility fee determined by the Operating Partnership’s corporate credit rating of between 0.10% and 0.30% on the aggregate revolving commitments under the Credit Facility. The Credit Facility contains a money market competitive bid option program that allows the Operating Partnership to hold auctions to achieve lower pricing for short-term borrowings. Borrowings under the Term Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined based on the Operating Partnership’s corporate credit rating of between 0.725% and 1.60% or (ii) the base rate (equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.00% and 0.60%. The Term Facility includes a ticking fee equal to 0.10% of the unused term loan commitment under the Term Facility, which ticking fee commenced accruing on the date that is forty-five days after the closing of the Term Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term. The initial maturity date of the Supplemental Facility is June 30, 2022 and can be extended for an additional year to June 30,

6 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 77.5 basis points, with an additional facility fee of 10 basis points. The Credit Facility and Supplemental Facility, or together the Credit Facilities, provide for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The Operating Partnership also has available a global unsecured commercial paper note program, or Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes are sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership’s other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or appropriate, we may make one or more draws under the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. We may also finance our business through the following:

• issuance of shares of common stock or preferred stock or warrants to purchase the same;

• issuance of additional units;

• issuance of preferred units;

• issuance of other securities, including unsecured notes and mortgage debt;

• draws on our Credit Facilities;

• borrowings under the Commercial Paper program; or

• sale or exchange of ownership interests in properties. The Operating Partnership may also issue units to contributors of properties or other partnership interests which may permit the contributor to defer tax gain recognition under the Internal Revenue Code. We do not have a policy limiting the number or amount of mortgages that may be placed on any particular property. Mortgage financing instruments, however, typically limit additional indebtedness on such properties. Additionally, the Credit Facilities, our unsecured note indentures and other contracts may limit our ability to borrow and contain limits on mortgage indebtedness we may incur as well as certain financial covenants we must maintain. Typically, we invest in or form special purpose entities to assist us in obtaining secured permanent financing at attractive terms. Permanent financing may be structured as a mortgage loan on a single property, or on a group of properties, and generally requires us to provide a mortgage lien on the property or properties in favor of an institutional third party, as a joint venture with a third party, or as a securitized financing. For securitized financings, we create special purpose entities to own the properties. These special purpose entities, which are common in the real estate industry, are structured so that they would not be consolidated in a bankruptcy proceeding involving a parent company. We decide upon the structure of the financing based upon the best terms then available to us and whether the proposed financing is consistent with our other business objectives. For accounting purposes, we include the outstanding securitized debt of special purpose entities owning consolidated properties as part of our consolidated indebtedness.

Conflict of Interest Policies We maintain policies and have entered into agreements designed to reduce or eliminate potential conflicts of interest. Simon has adopted governance principles governing the function, conduct, selection, orientation and duties of its subsidiaries and Simon’s Board of Directors and the Company, as well as written charters for each of the standing Committees of Simon’s Board of Directors. In addition, Simon’s Board of Directors has a Code of Business Conduct and Ethics, which applies to all of its officers, directors, and employees and those of its subsidiaries. At least a majority of the members of Simon’s Board of Directors must qualify, and do qualify, as independent under the listing standards of the New York Stock Exchange, or NYSE, and cannot be affiliated with the Simon family, who are significant stockholders in Simon and/or unitholders in the Operating Partnership. In addition, the Audit and Compensation Committees of Simon’s Board of Directors are comprised entirely of independent members who meet the additional independence and financial expert requirements of the NYSE as required.

7 The sale by the Operating Partnership of any property that it owns may have an adverse tax impact on the Simon family or other limited partners of the Operating Partnership. Any transaction between us and the Simon family, including property acquisitions, service and property management agreements and retail space leases, must be approved by the Company’s Audit Committee. In order to avoid any conflict of interest, the Simon charter requires that at least three-fourths of Simon’s independent directors must authorize and require the Operating Partnership to sell any property it owns. Any such sale is subject to applicable agreements with third parties. A noncompetition agreement executed by Herbert Simon, Simon’s Chairman Emeritus, and a noncompetition agreement executed by David Simon, Simon’s Chairman, Chief Executive Officer and President, which remains in effect notwithstanding the expiration of David Simon’s employment agreement in 2019, contain covenants limiting their ability to participate in certain shopping center activities.

Policies With Respect To Certain Other Activities We intend to make investments which are consistent with Simon’s qualification as a REIT, unless Simon’s Board of Directors determines that it is no longer in Simon’s best interests to so qualify as a REIT. Simon’s Board of Directors may make such a determination because of changing circumstances or changes in the REIT requirements. Simon has authority to issue shares of its capital stock or other securities in exchange for property. We also have authority to repurchase or otherwise reacquire Simon’s shares, the Operating Partnership’s units, or any other securities. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan, or the Repurchase Program, through March 31, 2019 and on February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the program, the Company could purchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Under the Repurchase Program, Simon may repurchase the shares in the open market, or in privately negotiated transactions. At December 31, 2020, we had remaining authority to repurchase $1.5 billion of common stock, which has subsequently expired. Simon may also issue shares of its common stock, or pay cash at its option, to holders of units in future periods upon exercise of such holders’ rights under the partnership agreement of the Operating Partnership. Our policy prohibits us from making any loans to the directors or executive officers of Simon for any purpose. We may make loans to the joint ventures in which we participate. Additionally, we may make or buy interests in loans secured by real estate properties owned by others or make investments in companies that own real estate assets.

Competition The retail real estate industry is dynamic and competitive. We compete with numerous merchandise distribution channels, including malls, outlet centers, community/lifestyle centers, and other shopping centers in the United States and abroad. We also compete with internet retailing sites and catalogs, including our tenants, which provide retailers with distribution options beyond existing brick and mortar retail properties. The existence of competitive alternatives, accelerated by the impact of COVID-19, could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including land for development and operating properties). We believe that there are numerous factors that make our properties highly desirable to retailers, including:

• the quality, location and diversity of our properties;

• our management and operational expertise;

• our extensive experience and relationships with retailers, lenders and suppliers;

• our marketing initiatives and consumer focused strategic corporate alliances; and

• the sustainability of physical retail.

Certain Activities During the past three years, we have:

• issued 409,936 shares of Simon common stock upon the exchange of units in the Operating Partnership;

• issued 605,625 restricted shares of Simon common stock and 36,252 long-term incentive performance units, or LTIP units, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan, as amended, or the 1998 Plan, and the Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan;

8 • purchased 5,767,922 shares of Simon common stock in the open market for $866.5 million pursuant to our Repurchase Programs;

• issued 22,137,500 shares of common stock in a public offering at a public offering price of $72.50 per share, before underwriting discounts and commissions;

• issued 475,183 units in the Operating Partnership in exchange for the remaining interest in a former joint venture property;

• issued 955,705 units in the Operating Partnership as part of the consideration for the acquisition of an 80% interest in TRG;

• redeemed 614,617 units in the Operating Partnership at an average price of $169.96 per unit in cash;

• amended and extended the Supplemental Facility in February 2018 to further increase our borrowing capacity, extend its term and reduce its base interest rate;

• amended and replaced in its entirety the Operating Partnership’s existing Credit Facility in March 2020, by entering into an unsecured credit facility compromised of (i) an amendment and extension of the Credit Facility and (ii) a $2.0 billion delayed-draw term loan facility, or Term Facility;

• borrowed a maximum amount of $3.9 billion under the Credit Facilities; the outstanding amount of borrowings under the Credit Facility as of December 31, 2020 was $125.0 million and no borrowings were outstanding under the Supplemental Facility;

• borrowed a maximum amount of $2.0 billion under the Term Facility; the outstanding amount of borrowings as of December 31, 2020 was $2.0 billion;

• increased the borrowing capacity of the Commercial Paper program from $1.0 billion to $2.0 billion in November 2018; the outstanding amount of Commercial Paper notes as of December 31, 2020 was $623.0 million; and

• provided annual reports containing financial statements audited by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders.

Human Capital At December 31, 2020, we and our affiliates employed approximately 3,300 persons at various properties and offices throughout the United States, of which approximately 900 were part-time. Approximately 1,000 of these employees were located at our corporate headquarters in Indianapolis, Indiana. We believe our employees are the driving force behind our success. To ensure we continue to attract, develop and retain the best talent across the organization, we invest in our employees and provide equal opportunities. We offer a variety of ongoing talent programs that foster continual development, high performance and overall organizational effectiveness, including a series of leadership development programs. We conduct an annual talent-assessment process for selected business functions within our corporate and field organizations that includes plans for individual employee career development and long-term leadership succession, and also conduct an annual performance appraisal process for all regular employees. We are committed to providing a work environment that is free from any form of discrimination or harassment for any protected class and also embraces principles of inclusiveness. Our aim is to implement a sustainable diversity and inclusion strategy in the coming years that is aligned with our values and guiding operating principles, including an internal policy, targeted solutions for employees and an annual process of assessment, action and evaluation led by our human resources department. Our compensation program is designed to, among other things, attract, retain and motivate talented and experienced individuals using a mix of competitive salaries and other benefits.

Corporate Headquarters Our corporate headquarters are located at 225 West Washington Street, Indianapolis, Indiana 46204, and our telephone number is (317) 636-1600.

9 Available Information Simon is a large accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act) and is required, pursuant to Item 101 of Regulation S-K, to provide certain information regarding our website and the availability of certain documents filed with or furnished to the Securities and Exchange Commission, or the SEC. Our Internet website address is www.simon.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available or may be accessed free of charge through the “About Simon/Investor Relations” section of our Internet website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our Internet website and the information contained therein or connected thereto are not, and are not intended to be, incorporated into this Annual Report on Form 10-K. The following corporate governance documents are also available through the “About Simon/Investor Relations/ Governance” section of our Internet website or may be obtained in print form by request of our Investor Relations Department: Governance Principles, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, and Governance and Nominating Committee Charter. In addition, we intend to disclose on our Internet website any amendments to, or waivers from, our Code of Business Conduct and Ethics that are required to be publicly disclosed pursuant to rules of the SEC and the NYSE.

Information about our Executive Officers The following table sets forth certain information with respect to Simon’s executive officers as of February 25, 2021.

Name Age Position David Simon 59 Chairman of the Board, Chief Executive Officer and President John Rulli 64 Chief Administrative Officer Steven E. Fivel 60 General Counsel and Secretary Brian J. McDade 41 Executive Vice President, Chief Financial Officer and Treasurer Alexander L. W. Snyder 51 Assistant General Counsel and Assistant Secretary Adam J. Reuille 46 Senior Vice President and Chief Accounting Officer The executive officers of Simon serve at the pleasure of Simon’s Board of Directors. Mr. Simon has served as the Chairman of Simon’s Board of Directors since 2007, Chief Executive Officer of Simon or its predecessor since 1995 and assumed the position of President in 2019. Mr. Simon has also been a director of Simon or its predecessor since its incorporation in 1993. Mr. Simon was the President of Simon’s predecessor from 1993 to 1996. He is the nephew of Herbert Simon. Mr. Rulli serves as Simon’s Chief Administrative Officer. Mr. Rulli joined & Associates, Inc., or MSA, in 1988 and held various positions with MSA and Simon thereafter. Mr. Rulli became Chief Administrative Officer in 2007 and was promoted to Senior Executive Vice President in 2011. Mr. Fivel serves as Simon’s General Counsel and Secretary. Prior to rejoining Simon in 2011 as Assistant General Counsel and Assistant Secretary, Mr. Fivel served as Executive Vice President, General Counsel and Secretary of Brightpoint, Inc. Mr. Fivel was previously employed by MSA from 1988 until 1993 and then by Simon from 1993 to 1996. Mr. Fivel was promoted to General Counsel and Secretary in 2017. Mr. McDade serves as Simon’s Executive Vice President, Chief Financial Officer and Treasurer. Mr. McDade joined Simon in 2007 as the Director of Capital Markets and was promoted to Senior Vice President of Capital Markets in 2013. Mr. McDade became Treasurer in 2014 and was promoted to Executive Vice President and Chief Financial Officer in 2018. Mr. Snyder serves as Simon’s Assistant General Counsel and Assistant Secretary. Mr. Snyder joined Simon in 2016 as Senior Deputy General Counsel. Immediately prior to joining Simon, Mr. Snyder was Managing Partner of the Crimson Fulcrum Strategic Institute. Mr. Snyder previously served as Executive Vice President, General Counsel and Corporate Secretary for Beechcraft Corporation as well as Chief Counsel Mergers & Acquisitions for Koch Industries, Inc. Mr. Snyder was promoted to Assistant General Counsel and Assistant Secretary in 2017. Mr. Reuille serves as Simon’s Senior Vice President and Chief Accounting Officer and prior to that as Simon’s Vice President and Corporate Controller. Mr. Reuille joined Simon in 2009 and was promoted to Senior Vice President and Chief Accounting Officer in 2018.

10 Item 1A. Risk Factors

The following factors, among others, could cause our actual results to differ materially from those expressed or implied in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by our management from time to time. These factors may have a material adverse effect on our business, financial condition, liquidity, results of operations, funds from operations, or FFO, and prospects, which we refer to herein as a material adverse effect on us or as materially and adversely affecting us, and you should carefully consider them. Additional risks and uncertainties not presently known to us or which are currently not believed to be material may also affect our actual results. We may update these factors in our future periodic reports.

Summary of Risk Factors The following summarizes our material risk factors. However, this summary is not intended to be a comprehensive and complete list of all risk factors identified by the Company. Refer to the following pages of this section for additional details regarding these summarized risk factors and other additional risk factors identified by the Company.

• The ongoing novel coronavirus (COVID-19) pandemic and governmental restrictions intended to prevent its spread, as well as other future epidemics, pandemics or public health crises, could have a significant negative impact on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our shareholders.

• Conditions that adversely affect the general retail environment could materially and adversely affect us.

• Some of our properties depend on anchor stores or other large nationally recognized tenants to attract shoppers and we could be materially and adversely affected by the loss of one or more of these anchors or tenants.

• We face potential adverse effects from tenant bankruptcies.

• We face a wide range of competition that could affect our ability to operate profitably, including e-commerce.

• Vacant space at our properties could materially and adversely affect us.

• We may not be able to lease newly developed properties to or renew leases and relet space at existing properties with an appropriate mix of tenants, if at all.

• Our international activities may subject us to risks that are different from or greater than those associated with our domestic operations.

• We face risks associated with the acquisition, development, redevelopment and expansion of properties.

• We have a substantial debt burden that could affect our future operations.

• The agreements that govern our indebtedness contain various covenants that impose restrictions on us that might affect our ability to operate freely.

• Disruption in the capital and credit markets may adversely affect our ability to access external financings for our growth and ongoing debt service requirements.

• Adverse changes in our credit ratings could affect our borrowing capacity and borrowing terms.

• Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs in the United States. The failure to maintain Simon’s or the Subsidiary REITs’ qualifications as REITs or changes in applicable tax laws or regulations could result in adverse tax consequences.

• If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.

• Our ownership of TRSs is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our TRSs are not conducted on arm’s-length terms.

• We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them.

• The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties.

11 • Some of our properties are subject to potential natural or other disasters.

Risks Relating to Retail Operations The ongoing novel coronavirus (COVID-19) pandemic and governmental restrictions intended to prevent its spread, as well as other future epidemics, pandemics or public health crises, could have a significant negative impact on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our shareholders. The COVID-19 pandemic has already had a significant negative impact on economic and market conditions around the world in 2020, and, notwithstanding the fact that vaccines have started to be administered in the United States and elsewhere, the pandemic continues to adversely impact economic activity in retail real estate. The impact of the COVID- 19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. Governments and other authorities are in varying stages of lifting or modifying some of these measures. However, governments and other authorities have already been forced to, and others may in the future, reinstitute these measures or impose new, more restrictive measures, if the risks, or the tenants’ and consumers' perception of the risks, related to the COVID-19 pandemic worsen at any time. Although tenants and consumers have been adapting to the COVID-19 pandemic, with tenants adding services like curbside pickup, and while consumer risk-tolerance is evolving, such adaptations and evolution may take time, and there is no guarantee that retail will return to pre-pandemic levels even once the pandemic subsides. As of December 31, 2020, we owned or held an interest in 203 income-producing properties in the United States located in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2020, we had ownership interests in 31 properties primarily located in Asia, Europe and Canada and have one international outlet property under development. We have an interest in a European investee that has interests in ten Designer Outlet properties, as more fully described elsewhere in this Annual Report. As of December 31, 2020, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 15 countries in Europe. Demand for retail space and the profitability of our properties depends, in part, on the ability and willingness of tenants to enter into and perform obligations under leases. On March 18, 2020, after extensive discussions with federal, state and local officials and in recognition of the need to address the spread of COVID-19, we closed all of our retail properties in the United States. We gradually reopened retail properties beginning May 1st in markets where local and state closure mandates had been lifted and retail restrictions had been eased. As of October 7th all of our domestic retail properties had reopened but we do not have certainty that additional closures in the future will not be required. In addition, a number of tenants have not re-opened at our properties and we do not have certainty that all of them will re-open. As of December 31, all of our domestic retail properties remained open. In addition, even after certain restrictions intended to prevent the spread of COVID-19 are lifted or reduced, the willingness of customers to visit our properties is likely to be reduced and our tenants' businesses are likely to be adversely affected, based upon many factors, including whether the number of COVID-19 transmissions is materially reduced, how quickly vaccinations which prevent or reduce the severity of COVID-19 become readily available, or a cure or treatment is identified and becomes readily available. Further, demand could remain reduced due to heightened sensitivity to risks associated with the transmission of COVID-19 or other associated diseases. In addition, some of our properties are located at or within a close proximity to tourist destinations and these properties and our tenants' businesses are therefore heavily and adversely impacted by reductions in travel and tourism resulting from travel bans or restrictions and general public concern regarding the risk of travel. During the period of closure of all of our retail properties, we have experienced a significant reduction in cash rent collections, which may continue for an indeterminate period. With respect to those tenants from whom we have not received payment, we have been engaged in discussions with substantially all of them. We have agreed to deferral or abatement arrangements with a number of our tenants, resulting in rent deferrals with tenants (the vast majority of which we expect to receive over the course of 2021) and rent abatement with tenants representing, in the aggregate, less than 16.0% of our U.S. portfolio gross contractual rents for the second, third and fourth quarters of 2020. Discussions with our tenants are

12 ongoing and may result in further rent deferrals, lease restructures, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In connection with rent deferrals (or other accruals of unpaid rent), although we will not receive cash rent payments as scheduled, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term and associated tenant receivables, until the time of payment. However, if we determine that such deferred rent payments (or other accrued but unpaid rent payments) are not probable of collection, lease income will be recorded as the lesser of the amount that would be recognized on a straight-line basis or cash that has been received from the tenant, with any tenant receivable and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in our collectability determination. As a result, we may experience material impacts, including, but not limited to, changes in the ability to recognize revenue due to changes in the probability of collection and reductions in rental income associated with write-offs of tenant receivable and deferred rent receivable balances. In addition, any rent abatements we have granted, and may potentially grant in the future, will be accounted for as negative variable lease consideration in the period granted or agreed thereby reducing lease income. The impact of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our shareholders could depend on additional factors, including:

• the financial condition and viability of our tenants, and their ability or willingness to pay rent in full;

• state, local, federal and industry-initiated tenant relief efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent;

• the increased popularity and utilization of e-commerce;

• our ability to renew leases or re-lease available space in our properties on favorable terms or at all, including as a result of a deterioration in the economic and market conditions in the markets in which we own properties or due to restrictions intended to prevent the spread of COVID-19, including any additional government mandated closures of businesses that frustrate our leasing activities;

• a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, all of which have already been experienced and which may continue to affect our or our tenants' ability to access capital necessary to fund our or their respective business operations or repay, refinance or renew maturing liabilities on a timely basis, on attractive terms, or at all and may adversely affect the valuation of financial assets and liabilities, any of which could affect our and our tenants' ability to meet liquidity and capital expenditure requirements;

• a refusal or failure of one or more lenders under our credit facility to fund their respective financing commitment to us may affect our ability to access capital necessary to fund our business operations and to meet our liquidity and capital expenditure requirements;

• a reduction in the cash flows generated by our properties and the values of our properties that could result in impairments or limit our ability to dispose of them at attractive prices or obtain debt financing secured by our properties;

• the complete or partial closure of one or more of our tenants' manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants' supply chains from local and international suppliers and/or delays in the delivery of our tenants' inventory, any of which could reduce or eliminate our tenants' sales, cause the temporary closure of our tenants' businesses, and/or result in their bankruptcy or insolvency;

• a negative impact on consumer discretionary spending caused by high unemployment levels, reduced economic activity or a severe or prolonged recession;

• our and our tenants' ability to manage our respective businesses to the extent our and their management or personnel (including on-site employees) are impacted in significant numbers by the COVID-19 pandemic or are otherwise not willing, available or allowed to conduct work, including any impact on our tenants' ability to deliver timely information to us that is necessary for us to make effective decisions; and

• our and our tenants' ability to ensure business continuity in the event our or our tenants' continuity of operations plan is (i) not effective or improperly implemented or deployed or (ii) compromised due to increased cyber and remote access activity during the COVID-19 pandemic.

13 To the extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks described herein. Conditions that adversely affect the general retail environment could materially and adversely affect us. Our concentration in the retail real estate market – our primary source of revenue is retail tenants – means that we could be materially and adversely affected by conditions that materially and adversely affect the retail environment generally, including, without limitation:

• levels of consumer spending, changes in consumer confidence, income levels, and fluctuations in seasonal spending in the United States and internationally;

• consumers avoiding traveling for shopping due to a heightened level of concern for safety in public places in light of the COVID-19 pandemic as well as the recent increase in civil unrest, including random acts of violence and riots;

• significant reductions in international travel and tourism, resulting in fewer international retail consumers;

• consumer perceptions of the convenience and attractiveness of our properties;

• the impact on our retail tenants and demand for retail space at our properties from the increasing use of the Internet by retailers and consumers, which has accelerated during the COVID-19 pandemic;

• the creditworthiness of our retail tenants and the availability of new creditworthy tenants and the related impact on our occupancy levels and lease income;

• local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, decreases in rental rates and declines in real estate values;

• the willingness of retailers to lease space in our properties at attractive rents, or at all;

• actual or perceived changes in national and international economic conditions, which can result from global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, natural disasters, war, epidemics and pandemics, the fear of spread of contagious diseases, civil unrest and terrorism, as well as from domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation and limited growth in consumer income;

• changes in regional and local economies, which may be affected by increased rates of unemployment, increased foreclosures, higher taxes, decreased tourism, industry slowdowns, adverse weather conditions, and other factors;

• increased operating costs and capital expenditures, whether from redevelopments, replacing tenants or otherwise;

• changes in applicable laws and regulations, including tax, environmental, safety and zoning; and

• the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread, which were implemented through a combination of state, local and federal orders and regulations that were put in place with unprecedented speed and with no opportunity for citizens to challenge their legality. Additionally, a portion of our lease income is derived from overage rents based on sales over a stated base amount that directly depend on the sales volume of our retail tenants. Accordingly, declines in our tenants’ sales performance could reduce the income produced by our properties.

Some of our properties depend on anchor stores or other large nationally recognized tenants to attract shoppers and we could be materially and adversely affected by the loss of one or more of these anchors or tenants. Our properties are typically anchored by department stores and other large nationally recognized tenants. Certain of our anchors and other tenants have ceased their operations, downsized their brick-and-mortar presence or failed to comply with their contractual obligations to us and others, and such actions have become more prevalent during the COVID- 19 pandemic.

14 Sustained adverse pressure on the results of department stores and other national retailers may have a similarly sustained adverse impact upon our own results. Certain department stores and other national retailers have experienced, and may continue to experience for the foreseeable future (given uncertainty with respect to current and future macroeconomic conditions and consumer confidence levels), considerable decreases in customer traffic in their retail stores, increased competition from alternative retail options such as those accessible via the Internet and other forms of pressure on their business models. As pressure on these department stores and other national retailers increases, especially due to the COVID-19 pandemic, their ability to maintain their stores, meet their obligations both to us and to their external lenders and suppliers, withstand attempts or avoid bankruptcy and/or liquidation may be impaired and result in closures of their stores or their seeking of a lease modification with us. Any lease modification could be unfavorable to us as the lessor and could decrease current or future effective rents or expense recovery charges. Certain other tenants are entitled to modify the economic or other terms of, or terminate, their existing leases with us in the event of such closures. Additionally, corporate merger or consolidation activity among department stores and other national retailers typically results in the closure of duplicate or geographically overlapping store locations. If a department store or large nationally recognized tenant were to close its stores at our properties, we may experience difficulty and delay and incur significant expense in re-tenanting the space, as well as in leasing spaces in areas adjacent to the vacant store, at attractive rates, or at all. Additionally, department store or tenant closures may result in decreased customer traffic, which could lead to decreased sales at our properties. If the sales of stores operating in our properties were to decline significantly due to the closing of anchor stores or other national retailers, adverse economic conditions or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges. In the event of any default by a tenant, we may not be able to fully recover, and/or may experience delays and costs in enforcing our rights as landlord to recover, amounts due to us under the terms of our leases with such parties.

We face potential adverse effects from tenant bankruptcies. Bankruptcy filings by retailers can occur regularly in the course of our operations. In recent years, a number of companies in the retail industry, including certain of our tenants, have declared bankruptcy, and these numbers have increased in 2020 due to the COVID-19 pandemic. If a tenant files for bankruptcy, the tenant may have the right to reject and terminate one or more of its leases with us, and we cannot be sure that it will affirm one or more of its leases and continue to make rental payments to us in a timely manner. A bankruptcy filing by, or relating to, one of our tenants would generally prohibit us from evicting this tenant, and bar all efforts by us to collect pre-bankruptcy debts from that tenant, or from their property, unless we receive an order permitting us to do so from the bankruptcy court. In addition, we cannot evict a tenant solely because of its bankruptcy. If a lease is assumed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must be paid to us in full. If a lease is rejected, the unsecured claim we hold against a bankrupt tenant might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims, and there are restrictions under bankruptcy laws that limit the amount of the claim we can make if a lease is rejected. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold. In addition, we may make lease modifications either pre- or post-bankruptcy for certain tenants undergoing significant financial distress in order for them to continue as a going concern. Furthermore, we may be required to incur significant expense in re-tenanting the space formerly leased to the bankrupt tenant. We continually seek to re- lease vacant spaces resulting from tenant terminations. The bankruptcy of a tenant, particularly an anchor tenant or a national tenant with multiple locations, may require a substantial redevelopment of its space, the success of which cannot be assured, and may make the re-tenanting of its space difficult and costly. Any such bankruptcies also make it more difficult to lease the remainder of the space at the affected property or properties. Future tenant bankruptcies may strain our resources and impact our ability to successfully execute our re-leasing strategy and could materially and adversely affect us.

We face a wide range of competition that could affect our ability to operate profitably, including e- commerce. Our properties compete with other forms of retailing such as pure online retail websites as well as other retail properties such as single user freestanding discounters (Costco, Walmart and Target). In addition, many of our tenants are omni-channel retailers who also distribute their products through online sales. Our business currently is predominantly reliant on consumer demand for shopping at physical stores, and we could be materially and adversely affected if we are unsuccessful in adapting our business to evolving consumer purchasing habits. The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping, and the ongoing COVID-19 pandemic and restrictions intended to prevent its spread have significantly increased the utilization of e-commerce and may, particularly in certain market segments, accelerate the long-

15 term penetration of pure online retail which has been able to sell non-essential goods during the COVID-19 pandemic. Not only has the temporary closure of our retail properties and the restrictions put in place by state, local and federal officials caused consumers who otherwise would have purchased from retailers at our properties to increase their utilization of pure online retail websites, but consumers whose previous use of online retail was low or non-existent have recently turned to pure online retail as a necessity due to the inability to access our properties and the ability to purchase non-essential goods from these pure online retailers. Although a brick-and-mortar presence may have a positive impact on retailers’ online sales, the increased utilization of pure online shopping may lead to the closure of underperforming stores by retailers, which could impact our occupancy levels and the rates that tenants are willing to pay to lease our space.

Vacant space at our properties could materially and adversely affect us. Certain of our properties have had vacant space available for prospective tenants, and those properties may continue to experience, and other properties may commence experiencing, such oversupply in the future. Among other causes, (1) there has been an increased number of bankruptcies of anchor stores and other national retailers, as well as store closures, and (2) there has been lower demand from retail tenants for space, due to certain retailers increasing their use of e-commerce websites to distribute their merchandise, with each of (1) and (2) accelerating in 2020 as a result of the COVID-19 pandemic. As a result of the increased bargaining power of creditworthy retail tenants, there is downward pressure on our rental rates and occupancy levels, and this increased bargaining power may also result in us having to increase our spend on tenant improvements and potentially make other lease modifications in order to attract or retain tenants, any of which, in the aggregate, could materially and adversely affect us.

We may not be able to lease newly developed properties to or renew leases and relet space at existing properties with an appropriate mix of tenants, if at all.

We may not be able to lease new properties to an appropriate mix of tenants that generates optimal customer traffic. Also, when leases for our existing properties expire, the premises may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants may be less favorable than the current lease terms. If we fail to identify and secure the right blend of tenants at our newly developed and existing properties, our properties may not appeal to the communities they serve. If we elect to pursue a “mixed use” redevelopment we expose ourselves to risks associated with each non-retail use (e.g. office, residential, hotel and entertainment), and the performance of our retail tenants in such properties may be negatively impacted by delays in opening and/or the performance of such non-retail uses. To the extent that our leasing goals are not achieved, we could be materially and adversely affected.

Risks Relating to Real Estate Investments and Operations

Our international activities may subject us to risks that are different from or greater than those associated with our domestic operations. As of December 31, 2020, we held interests in consolidated and joint venture properties that operate in Austria, Canada, France, Italy, Germany, Japan, Malaysia, Mexico, the Netherlands, South Korea, Spain, Thailand, and the United Kingdom. We also have an equity stake in Klépierre, a publicly traded European real estate company, which operates in 15 countries in Europe. Accordingly, our operating results and the value of our international operations may be impacted by any unhedged movements in the foreign currencies in which those operations transact and in which our net investment in those international operations is held. While we occasionally enter into hedging agreements to manage our exposure to changes in foreign exchange rates, these agreements may not eliminate foreign currency risk entirely. We may pursue additional investment, ownership, development and redevelopment/expansion opportunities outside the United States. Such international activities carry risks that are different from those we face with our domestic properties and operations. These risks include, but are not limited to:

• adverse effects of changes in exchange rates for foreign currencies;

• changes in foreign political and economic environments, regionally, nationally, and locally;

• impact from international trade disputes and the associated impact on our tenants’ supply chain and consumer spending levels;

• challenges of complying with a wide variety of foreign laws, including corporate governance, operations, taxes and litigation;

16 • the risk that we, our employees and/or agents could violate anti-bribery, anti-corruption and international trade laws in the U.S., such as the U.S. Foreign Corrupt Practices Act, and certain foreign countries, such as the U.K. Bribery Act, which could result in criminal or civil sanctions and/or fines, negatively impact our reputation, or require us to incur significant expenses to investigate;

• differing lending practices;

• differences in cultures and consumer retail behavior;

• changes in applicable laws and regulations in the United States that affect international operations;

• changes in applicable laws and regulations in these foreign jurisdictions;

• difficulties in managing international operations;

• obstacles to the repatriation of earnings and cash; and

• labor discord, political or civil unrest, acts of terrorism, epidemics and pandemics, the fear of spread of contagious diseases, or the threat of international boycotts. Our international activities represented approximately 1.9% of consolidated net income and 9.1% of our net operating income, or NOI, for the year ended December 31, 2020. To the extent that we expand our international activities, the above risks could increase in significance, which in turn could have a material adverse effect on us. We face risks associated with the acquisition, development, redevelopment and expansion of properties. We regularly acquire and develop new properties and redevelop and expand existing properties, and these activities are subject to various risks. We may not be successful in pursuing acquisition, development or redevelopment/expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform as well as expected, impacting our anticipated return on investment. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:

• acquisition or construction costs of a project may be higher than projected, potentially making the project unfeasible or unprofitable;

• development, redevelopment or expansions may take considerably longer than expected, delaying the commencement and amount of income from the property;

• we may not be able to obtain financing or to refinance loans on favorable terms, or at all;

• we may be unable to obtain zoning, occupancy or other governmental approvals;

• occupancy rates and rents may not meet our projections and the project may not be accretive; and

• we may need the consent of third parties such as department stores, anchor tenants, mortgage lenders and joint venture partners, and those consents may be withheld. If a development or redevelopment/expansion project is unsuccessful, either because it is not meeting our expectations when operational or was not completed according to the project planning, we could lose our investment in the project. Further, if we guarantee the property’s financing, our loss could exceed our investment in the project. In the event that these risks were realized at the same time at multiple properties, we could be materially and adversely affected.

Real estate investments are relatively illiquid.

Our properties represent a substantial portion of our total consolidated assets. These investments are relatively illiquid. As a result, our ability to sell one or more of our properties or investments in real estate in response to any changes in economic, industry, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period, or at all, or that the sales price of a property will be attractive at the relevant time or exceed the carrying value of our investment. Moreover, if a property is mortgaged, we may not be able to obtain a release of the lien on that property without the payment of the associated debt and/or a substantial prepayment penalty, which

17 could restrict our ability to dispose of the property, even though the sale might otherwise be desirable.

Risks Relating to Debt and the Financial Markets We have a substantial debt burden that could affect our future operations. As of December 31, 2020, our consolidated mortgages and unsecured indebtedness, excluding related premium, discount and debt issuance costs, totaled $26.8 billion. As a result of this indebtedness, we are required to use a substantial portion of our cash flows for debt service, including selected repayment at scheduled maturities, which limits our ability to use those cash flows to fund the growth of our business. We are also subject to the risks normally associated with debt financing, including the risk that our cash flows from operations will be insufficient to meet required debt service or that we will be able to refinance such indebtedness on acceptable terms, or at all. Our debt service costs generally will not be reduced if developments at the applicable property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Our indebtedness could also have other adverse consequences on us, including reducing our access to capital or increasing our vulnerability to general adverse economic, industry and market conditions. In addition, if a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value. If any of the foregoing occurs, we could be materially and adversely affected. The agreements that govern our indebtedness contain various covenants that impose restrictions on us that might affect our ability to operate freely. We have a variety of unsecured debt, including the Credit Facilities, senior unsecured notes and commercial paper, and secured property level debt. Certain of the agreements that govern our indebtedness contain covenants, including, among other things, limitations on our ability to incur secured and unsecured indebtedness, sell all or substantially all of our assets and engage in mergers and certain acquisitions. In addition, certain of the agreements that govern our indebtedness contain financial covenants that require us to maintain certain financial ratios, including certain coverage ratios. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous to us. In addition, our ability to comply with these provisions might be affected by events beyond our control. Failure to comply with any of our financing covenants could result in an event of default, which, if not cured or waived, could accelerate the related indebtedness as well as other of our indebtedness, which could have a material adverse effect on us. Disruption in the capital and credit markets may adversely affect our ability to access external financings for our growth and ongoing debt service requirements. We depend on external financings, principally debt financings, to fund the growth of our business and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on our credit ratings, the willingness of lending institutions and other debt investors to grant credit to us and conditions in the capital markets in general. An economic recession may cause extreme volatility and disruption in the capital and credit markets. We rely upon the Credit Facilities as sources of funding for numerous transactions. Our access to these funds is dependent upon the ability of each of the participants to the Credit Facilities to meet their funding commitments to us. When markets are volatile, access to capital and credit markets could be disrupted over an extended period of time and one or more financial institutions may not have the available capital to meet their previous commitments to us. The failure of one or more participants to the Credit Facilities to meet their funding commitments to us could have a material adverse effect on us, including as a result of making it difficult to obtain the financing we may need for future growth and/or meeting our debt service requirements. We cannot assure you that we will be able to obtain the financing we need for the future growth of our business or to meet our debt service requirements, or that a sufficient amount of financing will be available to us on favorable terms, or at all. Adverse changes in our credit ratings could affect our borrowing capacity and borrowing terms. The Operating Partnership’s outstanding senior unsecured notes, the Credit Facilities, the Commercial Paper program, and Simon’s preferred stock are periodically rated by nationally recognized credit rating agencies. The credit ratings are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors viewed by the credit rating agencies as relevant to us and our industry and the economic outlook in general. Our credit ratings can affect the amount of capital we can access, as well as the terms of any financing we obtain. Since we depend primarily on debt financing to fund the growth of our business, an adverse change in our credit ratings, including actual changes and changes in outlook, or even the initiation of a review of our credit ratings that could result in an adverse change, could have a material adverse effect on us.

18 An increase in interest rates would increase our interest costs on variable rate debt and could adversely impact our ability to refinance existing debt on attractive terms, or at all; our hedging interest rate protection arrangements may not effectively limit our interest rate risk. As of December 31, 2020, we had approximately $3.3 billion of outstanding consolidated indebtedness that bears interest at variable rates, and we may incur more variable rate indebtedness in the future. If interest rates increase, then so would the interest costs on our unhedged variable rate debt, which could adversely affect our cash flows and our ability to pay principal and interest on our debt and our ability to make distributions to our stockholders. Further, rising interest rates could limit our ability to refinance existing debt when it matures or significantly increase our future interest expense. We selectively manage our exposure to interest rate risk by a combination of interest rate protection agreements to effectively fix or cap all or a portion of our variable rate debt. In addition, we refinance fixed rate debt at times when we believe rates and other terms are appropriate. Our efforts to manage these exposures may not be successful. Our use of interest rate hedging arrangements to manage risk associated with interest rate volatility may expose us to additional risks, including a risk that a counterparty to a hedging arrangement may fail to honor its obligations or that we could be required to fund our contractual payment obligations under such arrangements in relatively large amounts or on short notice. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations, liquidity and financial condition. Termination of these hedging agreements typically involves costs, such as transaction fees or breakage costs. We may be adversely affected by developments in the London Inter-bank Offered Rate (LIBOR) market, changes in the methods by which LIBOR is determined or the use of alternative reference rates. As of December 31, 2020, approximately 11.0% or $2.9 billion of our debt outstanding was indexed to LIBOR. In July 2017, the U.K. Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced its intention to stop compelling banks to submit rates for the calculation of LIBOR after 2021. Accordingly, there is considerable uncertainty regarding the publication of LIBOR beyond 2021. The Federal Reserve Board convened the Alternative Reference Rates Committee (“ARRC”) to identify a set of alternative reference rates for possible use as market benchmarks. Based on the ARRC’s recommendation, the Federal Reserve Bank of New York began publishing the Secured Overnight Financing Rate (“SOFR”) and two other alternative rates beginning in April 2018. Since then, certain derivative products and debt securities tied to SOFR have been introduced, and a number of industry groups are developing transition plans to SOFR as the new market benchmark. We are not able to predict whether LIBOR will actually cease to be available after 2021 or whether SOFR will become the market benchmark in its place. Any changes announced or adopted by the FCA or other authorities or institutions in the methods used for determining LIBOR or the transition from LIBOR to a successor benchmark may result in, among other things, a sudden or prolonged increase in LIBOR, a delay in the publication of LIBOR, higher interest obligations arising from such successor benchmark and changes in the rules or methodologies for determining LIBOR in the overall debt capital markets, which may discourage market participants from continuing to administer or to participate in variable rate debt tied to LIBOR or such successor benchmark. If LIBOR as determined in accordance with the terms of our particular debt is no longer available, whether during or after 2021, the interest rates on such debt would be determined using various alternative methods, any of which may result in interest obligations which are more than or do not otherwise correlate over time with the payments that would have been made on such debt if LIBOR was available in its current form. As a result, there can be no assurance that any of the aforementioned developments or changes will not result in financial market disruptions, significant increases in benchmark interest rates, substantially higher financing costs or a shortage of available debt financing, any of which could have an adverse effect on us, which currently would be limited by our relatively low exposure to variable rate LIBOR-based debt.

Risks Relating to Income Taxes

Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs in the United States. The failure to maintain Simon’s or the Subsidiary REITs’ qualifications as REITs or changes in applicable tax laws or regulations could result in adverse tax consequences. In the United States, Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code. We believe that Simon and these subsidiaries, or the Subsidiary REITs, have been organized and have operated in a manner which allows them to qualify for taxation as REITs under the Internal Revenue Code. We intend to continue to operate in this manner. However, qualification and taxation as

19 REITs depend upon the ability of Simon and the Subsidiary REITs to satisfy several requirements (some of which are outside our control), including tests related to our annual operating results, asset diversification, distribution levels and diversity of stock ownership. The various REIT qualification tests required by the Internal Revenue Code are highly technical and complex. Accordingly, there can be no assurance that Simon or any of the Subsidiary REITs has operated in accordance with these requirements or will continue to operate in a manner so as to qualify or remain qualified as a REIT. If Simon or any of the Subsidiary REITs fail to comply with those provisions, Simon or any such Subsidiary REIT may be subject to monetary penalties or ultimately to possible disqualification as REITs. If such events occur, and if available relief provisions do not apply:

• Simon or any such subsidiary will not be allowed a deduction for distributions to stockholders in computing taxable income;

• Simon or any such subsidiary will be subject to corporate-level income tax on taxable income at the corporate rate;

• Simon or any such Subsidiary REIT could be subject to the federal alternative minimum tax for taxable years prior to 2018; and

• unless entitled to relief under relevant statutory provisions, Simon or any such subsidiary will also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. Any such corporate tax liability could be substantial and would reduce the amount of cash available for, among other things, our operations and distributions to stockholders. In addition, if Simon fails to qualify as a REIT, it will not be required to make distributions to our stockholders. Moreover, a failure by any subsidiary of the Operating Partnership that has elected to be taxed as a REIT to qualify as a REIT would also cause Simon to fail to qualify as a REIT, and the same adverse consequences would apply to it and its stockholders. Failure by Simon or any of the Subsidiary REITs to qualify as a REIT also could impair our ability to expand our business and raise capital, which could materially and adversely affect us. Additionally, we are subject to certain income-based taxes, both domestically and internationally, and other taxes, including state and local taxes, franchise taxes, and withholding taxes on dividends from certain of our international investments. We currently follow local tax laws and regulations in various domestic and international jurisdictions. Should these laws or regulations change, the amount of taxes we pay may increase accordingly. If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences. We believe that the Operating Partnership is treated as a partnership for federal income tax purposes. As a partnership, the Operating Partnership is not subject to federal income tax on its income. Instead, each of its partners, including us, is allocated, and may be required to pay tax with respect to, such partner’s share of its income. We cannot assure you that the Internal Revenue Service, or the IRS, will not challenge the status of the Operating Partnership or any other subsidiary partnership or limited liability company in which we own an interest as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership or any such other subsidiary as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT. Also, the failure of the Operating Partnership or any subsidiary partnerships or limited liability company to qualify as a disregarded entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including us. Our ownership of TRSs is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our TRSs are not conducted on arm’s-length terms. We own securities in taxable REIT subsidiaries, or TRSs, and may acquire securities in additional TRSs in the future. A TRS is a corporation other than a REIT in which a REIT directly or indirectly holds stock, and that has made a joint election with such REIT to be treated as a taxable REIT subsidiary. If a TRS owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a TRS. Other than some activities relating to lodging and health care facilities, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. A TRS is subject to federal income tax as a regular C corporation. In addition, a 100% excise tax will be imposed on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s length basis.

20 A REIT’s ownership of securities of a TRS is not subject to the 5% or 10% asset tests applicable to REITs. Not more than 25% of the value of Simon’s or any Subsidiary REIT’s total assets may be represented by securities (including securities of TRSs), other than those securities includable in the 75% asset test, and not more than 20% of the value of our total assets or the assets of any Subsidiary REIT may be represented by securities of TRSs. We anticipate that the aggregate value of the stock and securities of any TRS and other nonqualifying assets that Simon or each such Subsidiary REIT owns will be less than 25% (or 20%, as applicable) of the value of Simon’s or such subsidiary’s total assets, and we will monitor the value of these investments to ensure compliance with applicable ownership limitations. In addition, we intend to structure transactions with any TRSs that we own to ensure that they are entered into on arm’s length terms to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with the above limitations or to avoid application of the 100% excise tax discussed above. Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends, which may negatively affect the value of our shares. Income from “qualified dividends” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates, currently at a maximum federal rate of 20%. Dividends payable by REITs, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. Under the Tax Cuts and Jobs Act, or the TCJA, however, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017 and before January 1, 2026. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock. The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes. A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS, would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors. REIT distribution requirements could adversely affect our liquidity and our ability to execute our business plan. In order for Simon and the Subsidiary REITs to qualify to be taxed as REITs, and assuming that certain other requirements are also satisfied, Simon and each such Subsidiary REIT generally must distribute at least 90% of their respective REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to their respective equity holders each year. To this point, Simon and each such Subsidiary REIT have historically distributed at least 100% of its taxable income and thereby avoided income tax altogether. To the extent that Simon or any such Subsidiary REIT satisfies this distribution requirement and qualifies for taxation as a REIT, but distributes less than 100% of its REIT taxable income, Simon or such subsidiary will be subject to U.S. federal corporate income tax on its undistributed net taxable income and could be subject to a 4% nondeductible excise tax if the actual amount that is distributed to equity holders in a calendar year is less than the minimum required distribution amount. We intend to make distributions to the equity holders of Simon and the Subsidiary REITs to comply with the REIT requirements of the Internal Revenue Code. From time to time, Simon and the Subsidiary REITs might generate taxable income greater than their respective cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves, or required debt or amortization payments. If Simon or the Subsidiary REITs do not have other funds available in these situations, Simon or such subsidiaries could be required to access capital on unfavorable terms (the receipt of which cannot be assured), sell assets at disadvantageous prices, distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt, or make taxable distributions of capital stock or debt securities to make distributions sufficient to enable them to pay out enough of their respective REIT taxable income to satisfy the REIT distribution requirement and avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase costs or reduce our equity. Further,

21 amounts distributed will not be available to fund the growth of our business. Thus, compliance with the REIT requirements may adversely affect our liquidity and our ability to execute our business plan. Complying with REIT requirements might cause us to forgo otherwise attractive acquisition opportunities or liquidate otherwise attractive investments. To qualify to be taxed as REITs for U.S. federal income tax purposes, Simon and the Subsidiary REITs must ensure that, at the end of each calendar quarter, at least 75% of the value of their respective assets consist of cash, cash items, government securities and “real estate assets” (as defined in the Internal Revenue Code), including certain mortgage loans and securities. The remainder of their respective investments (other than government securities, qualified real estate assets and securities issued by a TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. Additionally, in general, no more than 5% of the value of Simon’s and the Subsidiary REITs’ total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 20% of the value of their respective total assets can be represented by securities of one or more TRSs. If Simon or any of the Subsidiary REITs fails to comply with these requirements at the end of any calendar quarter, Simon or any such Subsidiary REIT must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing its REIT qualification and suffering adverse tax consequences. As a result, we might be required to liquidate or forgo otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to equity holders. Moreover, if Simon or the Subsidiary REITs are compelled to liquidate their investments to meet any of the asset, income or distribution tests, or to repay obligations to lenders, Simon or such subsidiaries may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions. In addition to the asset tests set forth above, to qualify to be taxed as REITs, Simon and the Subsidiary REITs must continually satisfy tests concerning, among other things, the sources of their respective income, the amounts they distribute to equity holders and the ownership of their respective shares. We might be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying as REITs. Thus, compliance with the REIT requirements may hinder our ability to make certain attractive investments. Partnership tax audit rules could have a material adverse effect on us. The Bipartisan Budget Act of 2015 changed the rules applicable to U.S. federal income tax audits of partnerships. Under the rules, among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner’s distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto could be assessed and collected, at the partnership level. Absent available elections, it is possible that a partnership in which we directly or indirectly invest, could be required to pay additional taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though Simon and the Subsidiary REITs, as REITs, may not otherwise have been required to pay additional corporate-level taxes had they owned the assets of the partnership directly. The partnership tax audit rules apply to the Operating Partnership and its subsidiaries that are classified as partnerships for U.S. federal income tax purposes. The changes created by these rules are sweeping and, accordingly, there can be no assurance that these rules will not have a material adverse effect on us. Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process, and by the IRS and the U.S. Department of the Treasury, or the Treasury. Changes to the tax laws or interpretations thereof by the IRS and the Treasury, with or without retroactive application, could materially and adversely affect us and our investors. New legislation (including the TCJA, and any technical corrections legislation), Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect the ability of Simon and certain subsidiaries of the Operating Partnership to qualify to be taxed as REITs and/or the U.S. federal income tax consequences to us and our investors of such qualification. The TCJA has significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders. A change made by the TCJA that could affect us and our stockholders is that it generally limits the deduction for net business interest expense in excess of 30% of a business’s adjusted taxable income except for taxpayers that engage in certain real estate businesses and elect out of this rule (provided that such electing taxpayers must use an alternative depreciation system for certain property).

22 Risks Relating to Joint Ventures

We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them. As of December 31, 2020, we owned interests in 101 income-producing properties with other parties. Of those, 17 properties are included in our consolidated financial statements. We account for the other 84 properties, or the joint venture properties, as well as our investments in HBS Global Properties, or HBS, Klépierre (a publicly traded, Paris-based real estate company), and The Taubman Realty Group, LLC, or TRG, as well as our retailer investments in , LLC, or ABG, , J.C. Penney, Rue , or RGG, and SPARC Group, using the equity method of accounting. We serve as general partner or property manager for 57 of these 84 joint venture properties; however, certain major decisions, such as approving the operating budget and selling, refinancing, and redeveloping the properties, require the consent of the other owners. Of the joint venture properties for which we do not serve as general partner or property manager, 23 are in our international joint ventures. These international properties are managed locally by joint ventures in which we share control of the properties with our partner. The other owners have participating rights that we consider substantive for purposes of determining control over the joint venture properties’ assets. The remaining joint venture properties, HBS, Klépierre, TRG, and our joint ventures with ABG, Forever 21, J.C. Penney, RGG, and SPARC Group are managed by third parties. These investments, and other future similar investments, could involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. If one of our partners or other owners in these investments were to become bankrupt, we may be precluded from taking certain actions regarding our investments without prior court approval, which at a minimum may delay the actions we would or might want to take. Additionally, partners or other owners could have economic or other business interests or goals that are inconsistent with our own business interests or goals, and could be in a position to take actions contrary to our policies or objectives. These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale, financing or development, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in litigation or arbitration that could increase our expenses and prevent Simon’s officers and/or directors from focusing their time and efforts on our business. Consequently, actions by, or disputes with, partners or other owners might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we risk the possibility of being liable for the actions of our partners or other owners.

The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties. Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property, which is non-recourse to us. Nevertheless, the joint venture’s failure to satisfy its debt obligations could result in the loss of our investment therein. As of December 31, 2020, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $219.2 million. A default by a joint venture under its debt obligations would expose us to liability under a guaranty. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.

Risks Relating to Environmental Matters As owners of real estate, we can face liabilities for environmental contamination, and our efforts to identify environmental liabilities may not be successful. Many of our properties contain, or at one time contained, asbestos containing materials or underground storage tanks (primarily related to auto service center establishments or emergency electrical generation equipment), and as a result we may be subject to regulatory action in connection with U.S. federal, state and local laws and regulations relating to hazardous or toxic substances. We may also be held liable to third parties for personal injury or property damage incurred by the parties in connection with any such substances. The costs of investigation, removal or remediation of hazardous or toxic substances, and related liabilities, may be substantial and could materially and adversely affect us. The presence of

23 hazardous or toxic substances, or the failure to remediate the related contamination, may also adversely affect our ability to sell, lease or redevelop a property or to borrow money using a property as collateral. Although we believe that our portfolio is in substantial compliance with U.S. federal, state and local environmental laws and regulations regarding hazardous or toxic substances, this belief is based on limited testing. Nearly all of our properties have been subjected to Phase I or similar environmental audits. These environmental audits have not revealed, nor are we aware of, any environmental liability that we believe is reasonably likely to have a material adverse effect on us. However, we cannot assure you that:

• previous environmental studies with respect to the portfolio reveal all potential environmental liabilities;

• any previous owner, occupant or tenant of a property did not create any material environmental condition not known to us;

• the current environmental condition of the portfolio will not be affected by tenants and occupants, by the condition of nearby properties, or by other unrelated third parties; or

• future uses or conditions (including, without limitation, changes in applicable environmental laws and regulations or the interpretation thereof) will not result in environmental liabilities.

We face risks associated with climate change. Due to changes in weather patterns caused by climate change, our properties in certain markets could experience increases in storm intensity and rising sea levels. Over time, climate change could result in volatile or decreased demand for retail space at certain of our properties or, in extreme cases, our inability to operate the properties at all. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) insurance on favorable terms, or at all, increasing the cost of energy at our properties or requiring us to spend funds to repair and protect our properties against such risks. Moreover, compliance with new laws or regulations related to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or increase taxes and fees assessed on us or our properties.

Some of our properties are subject to potential natural or other disasters. A number of our properties are located in areas subject to a higher risk of natural disasters such as earthquakes, fires, hurricanes, floods, tornados, hail or tsunamis. The occurrence of natural disasters, which could become more intense and more volatile in light of climate change, can adversely impact operations and development/redevelopment projects at our properties, increase investment costs to repair or replace damaged properties, increase future property insurance costs and negatively impact the tenant demand for lease space. If insurance is unavailable to us or is unavailable on acceptable terms, or our insurance is not adequate to cover losses from these events, we could be materially and adversely affected.

Other Factors Affecting Our Business Some of our potential losses may not be covered by insurance. We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third-party carriers is either insured through our wholly-owned captive insurance company or other financial arrangements controlled by us. A third party carrier has, in turn, agreed to provide, if required, evidence of coverage for this layer of losses under the terms and conditions of the carrier’s policy. A similar policy either written through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. There are some types of losses, including lease and other contract claims, which generally are not insured or are subject to large deductibles. If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue it could generate but may remain obligated for any mortgage debt or other financial obligation related to the property. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could materially and adversely affect us.

24 We face risks associated with security breaches through cyberǦattacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems. Our IT networks and related systems are essential to the operation of our business and our ability to perform day- to-day operations and, in some cases, may be critical to the operations of certain of our tenants. We face risks associated with security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, hardware or software corruption or failure or poor product or vendor/developer selection (including a failure of security controls incorporated into or applied to such hardware or software), service provider error or failure, intentional or unintentional actions by employees (including the failure to follow our security protocols) and other significant disruptions of our IT networks and related systems. Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk. The risk of a security breach or significant disruption has generally increased due to our increased reliance on technology, a rise in the number, intensity, and sophistication of attempted attacks globally, and the remote working environment throughout the COVID-19 pandemic. A breach or significant and extended disruption in the functioning of our systems, including our primary website, could damage our reputation and cause us to lose customers, tenants and revenues, generate third party claims, cause operational disruption, result in the unintended and/or unauthorized public disclosure or the misappropriation of proprietary, personal identifying and confidential information, and require us to incur significant expenses to address and remediate or otherwise resolve these kinds of issues. We may not be able to recover these expenses in whole or in any part from our service providers or responsible parties, or their or our insurers. Additionally, cyber-attacks perpetrated against our tenants, including unauthorized access to customers’ credit card data and other confidential information, could diminish consumer confidence and spending and materially and adversely affect us.

Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business. The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, including our CEO, who operate without the existence of employment agreements. Many of our senior executives have extensive experience and strong reputations in the real estate industry, which aid us in identifying opportunities and negotiating with tenants. Our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure you that we will retain our executive management team and other key employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any one or more of these persons could adversely affect our business, diminish our opportunities and weaken our relationships with lenders, business partners, existing and prospective tenants and others, which could have a material adverse effect on us.

25 Provisions in Simon’s charter and byǦlaws and in the Operating Partnership’s partnership agreement could prevent a change of control. Simon’s charter contains a general restriction on the accumulation of shares in excess of 8% of its capital stock. The charter permits the members of the Simon family and related persons to own up to 18% of Simon’s capital stock. Ownership is determined by the lower of the number of outstanding shares, voting power or value controlled. Simon’s Board of Directors may, by majority vote, permit exceptions to those levels in circumstances where Simon’s Board of Directors determines that Simon’s ability to qualify as a REIT will not be jeopardized. These restrictions on ownership may have the effect of delaying, deferring or preventing a transaction or a change in control that might otherwise be in the best interest of Simon’s stockholders or the Operating Partnership’s unitholders or preferred unitholders. Other provisions of Simon’s charter and by-laws could have the effect of delaying or preventing a change of control even if some of Simon’s stockholders or the Operating Partnership’s unitholders or preferred unitholders deem such a change to be in their best interests. These include provisions preventing holders of Simon’s common stock from acting by written consent and requiring that up to four directors in the aggregate may be elected by holders of Class B common stock. In addition, certain provisions of the Operating Partnership’s partnership agreement could have the effect of delaying or preventing a change of control. These include a provision requiring the consent of a majority in interest of units in order for Simon, as general partner of the Operating Partnership, to, among other matters, engage in a merger transaction or sell all or substantially all of its assets.

Item 1B. Unresolved Staff Comments None.

26 Item 2. Properties United States Properties Our U.S. properties primarily consist of malls, Premium Outlets, The Mills, lifestyle centers and other retail properties. These properties contain an aggregate of approximately 179.9 million square feet of gross leasable area, or GLA. Malls typically contain at least one department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 99 malls are generally enclosed centers and range in size from approximately 260,000 to 2.7 million square feet of GLA. Premium Outlets generally contain a wide variety of designer and manufacturer stores located in open-air centers. Our 69 Premium Outlets range in size from approximately 150,000 to 900,000 square feet of GLA. The Premium Outlets are generally located within a close proximity to major metropolitan areas and/or tourist destinations. The 14 properties in The Mills generally range in size from 1.2 million to 2.3 million square feet of GLA and are located in major metropolitan areas. They have a combination of traditional mall, outlet center, big box retailers and entertainment uses. We also have interests in four lifestyle centers and 17 other retail properties. The lifestyle centers range in size from 170,000 to 930,000 square feet of GLA. The other retail properties range in size from approximately 160,000 to 1.7 million square feet of GLA and are considered non-core to our business model. As of December 31, 2020, approximately 91.3% of the owned GLA in malls and Premium Outlets was leased and approximately 95.3% of the owned GLA for The Mills was leased. We wholly own 133 of our properties, effectively control 11 properties in which we have a joint venture interest, and hold the remaining 59 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 199 properties in the United States. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate partnership agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions) which may result in either the sale of our interest or the use of available cash or borrowings, or the use of Operating Partnership units, to acquire the joint venture interest from our partner. We own an 80% noncontrolling interest in TRG, which has an interest in 20 regional, super-regional, and outlet malls in the U.S. Our effective ownership in these properties, through our investment in TRG, ranges from 38.8% to 80%. These properties are excluded from the following table.

27 Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

The following property table summarizes certain data for our malls, Premium Outlets, The Mills, lifestyle centers and other retail properties located in the United States, including Puerto Rico, as of December 31, 2020.

Ownership Interest Year Built (Expiration if Legal or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses

Malls 1. VA Winchester Fee 49.1 % (4) Acquired 1999 78.2 % 473,874 , JCPenney, AMC Cinemas 2. Auburn Mall MA Auburn Fee 56.4 % (4) Acquired 1999 87.5 % 499,481 Macy's, Reliant Medical (15) 3. (1) FL Miami Beach Fee 33.3 % (4) Built 1983 91.9 % 2,126,428 Bloomingdale's, Macy's (8), JCPenney, Nordstrom, Equinox (Miami) Fitness Clubs, AMC Theatres 4. TX Austin Fee 100.0 % Built 1981 95.0 % 1,452,291 Nordstrom, Macy's, Dillard's (8), JCPenney, AMC Theatres 5. MO Springfield Fee and Ground Lease (2056) 100.0 % Built 1970 92.1 % 1,203,129 Macy's, Dillard's (8), JCPenney 6. WI Green Bay Fee 100.0 % Built 1980 94.5 % 682,401 Kohl's, Marcus Cinema 16, Dave & Buster's (6), Steinhafel Furniture (6) 7. CA Brea (Los Fee 100.0 % Acquired 1998 90.6 % 1,281,891 Nordstrom, Macy's (8), JCPenney, LifeTime (6) Angeles) 8. MI Ann Arbor Fee 50.0 % (4) Acquired 2007 82.0 % 977,986 Macy's, JCPenney, Von Maur, Hilton Garden Inn (15), Towne Place Suites by Marriott (15) 9. Brickell City Centre FL Miami Fee 25.0 % (4) Built 2016 87.6 % 476,247 , Cinemex, EAST Miami Hotel (15), La Centrale 10. Broadway Square TX Tyler Fee 100.0 % Acquired 1994 96.3 % 604,726 Dillard's, JCPenney, Dick's Sporting Goods, HomeGoods, Party City 11. Burlington Mall MA Burlington Fee and Ground Lease (2026) 100.0 % Acquired 1998 91.5 % 1,183,394 Macy's, Nordstrom, Crate & Barrel, Primark, Arhaus Furniture (Boston) (7) 12. MA Hyannis Fee and Ground Leases (2029- 56.4 % (4) Acquired 1999 85.6 % 709,052 Macy's (8), Best Buy, Marshalls, Barnes & Noble, Regal Cinema,

28 2073) (7) Target, Dick's Sporting Goods, Planet Fitness 13. IN Indianapolis Fee 100.0 % Built 1972 95.5 % 1,384,538 Macy's, Von Maur, JCPenney, Dick's Sporting Goods, AMC Theatres 14. TX El Paso Fee and Ground Lease (2027) 100.0 % Built 1974 98.5 % 1,244,342 Macy's, Dillard's (8), JCPenney, Sears, Cinemark Theatres (7) 15. FL Estero Fee 50.0 % (4) Built 2006 82.7 % 1,205,043 Dillard's, Barnes & Noble, Bed Bath & Beyond (13), Best Buy, DSW, Office Max, PetSmart, Ross, T.J. Maxx, Hollywood Theatres, Super Target, Michael's, Total Wine & More, Tuesday Morning, JoAnn Fabrics, Hyatt Place Coconut Point (15), TownePlace Suites by Marriott (15) 16. IN Bloomington Fee and Ground Lease (2048) 100.0 % Built 1965 85.0 % 609,768 Macy's (13), Target, Dick's Sporting Goods, Bed Bath & Beyond, (7) Ulta, Fresh Thyme 17. Columbia Center WA Kennewick Fee 100.0 % Acquired 1987 85.6 % 815,026 Macy's (8), JCPenney, Barnes & Noble, DSW, Home Goods, Dick's Sporting Goods 18. MA Boston Fee 94.4 % (11) Acquired 2002 95.4 % 1,263,379 Neiman Marcus, Saks Fifth Avenue Men's, Boston Marriott Copley Place (15), The Westin Copley Place (15) 19. FL Coral Springs Fee 97.2 % Built 1984 89.7 % 943,878 Macy's (8), JCPenney, Kohl's (Miami) 20. FL Pensacola Fee 100.0 % Acquired 1998 92.7 % 926,430 Dillard's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross, Dick's Sporting Goods 21. FL Miami Fee 50.0 % (4) Acquired 1997 98.4 % 1,499,420 Saks Fifth Avenue, Macy's (8), JCPenney, AC Hotel by Marriott (6) 22. CA Torrance (Los Fee 50.0 % (4) Acquired 2007 86.6 % 2,519,111 Nordstrom, Macy's (8), JCPenney, Marshalls, Barnes & Noble, Angeles) JoAnn Fabrics, AMC Theatres, Dick's Sporting Goods, Dave & Buster's, Mitsuwa Marketplace 23. Domain, The TX Austin Fee 100.0 % Built 2006 90.5 % 1,236,690 Neiman Marcus, Macy's, Dillard's, Dick's Sporting Goods, iPic Theaters, Arhaus Furniture, Punch Bowl Social, Westin Austin at The Domain, Lone Star Court (15), (16) 24. SD Sioux Falls Fee and Ground Lease (2033) 100.0 % Acquired 1998 86.0 % 1,124,686 Macy's, JCPenney, Hy-Vee, Dick's Sporting Goods (7) 25. Falls, The FL Miami Fee 50.0 % (4) Acquired 2007 89.4 % 708,956 Macy's, Regal Cinema, The Fresh Market, LifeTime Athletic (6) 26. Fashion Centre at Pentagon City, The VA Arlington Fee 42.5 % (4) Built 1989 87.4 % 1,037,237 Nordstrom, Macy's, The Ritz-Carlton (15) (Washington, DC) 27. Fashion Mall at Keystone, The IN Indianapolis Fee and Ground Lease (2067) 100.0 % Acquired 1997 92.0 % 716,466 Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art (7) Cinema, Sheraton (15) 28. Fashion Valley CA San Diego Fee 50.0 % (4) Acquired 2001 96.1 % 1,731,260 Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres, Forever 21, The Container Store

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses

29. TX Garland (Dallas) Fee 100.0 % Built 2005 89.9 % 996,273 Dillard's, Macy's, Barnes & Noble, DSW, AMC Theatres, Dick's Sporting Goods, Kids Empire/Hapik, Fairfield Inn by Marriott (14), (16) 30. Florida Mall, The FL Orlando Fee 50.0 % (4) Built 1986 92.5 % 1,725,099 Macy's, Dillard's, JCPenney, Sears, H&M, Forever 21, Zara, American Girl, Dick's Sporting Goods, Crayola Experience, The Florida Hotel and Conference Center (15) 31. Forum Shops at Caesars Palace, The NV Ground Lease (2050) 100.0 % Built 1992 96.8 % 660,240 Caesars Palace Las Vegas Hotel and Casino (15) 32. Galleria, The TX Houston Fee 50.4 % (4) Acquired 2002 93.9 % 2,017,029 Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's, The Westin Galleria (15), The Westin Oaks (15), Life Time Tennis 33. IN Greenwood Fee 100.0 % Acquired 1979 94.0 % 1,288,889 Macy's, Von Maur, JCPenney, Dick's Sporting Goods, Barnes & (Indianapolis) Noble, Regal Cinema, Dave & Buster's 34. SC Greenville Fee and Ground Lease (2067) 100.0 % Acquired 1998 91.5 % 1,237,560 Macy's, Dillard's, JCPenney, Belk (7) 35. TX San Antonio Fee 100.0 % Built 1979 91.7 % 1,125,358 Dillard's, Macy's, JCPenney 36. King of Prussia PA King of Prussia Fee 100.0 % Acquired 2003 92.4 % 2,669,368 Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor (13), (Philadelphia) Macy's, Arhaus Furniture, Dick's Sporting Goods, Primark 37. TX McAllen Fee and Ground Lease (2040) 100.0 % Built 1976 94.6 % 1,312,890 Macy's (8), Dillard's, JCPenney, CUT! by Cinemark (6), Wingate by (7) Wyndham (15) 38. TX Cedar Park Fee 100.0 % Built 1995 94.4 % 1,099,057 Dillard's (8), Macy's, JCPenney, AMC Theatres (Austin) 39. Lehigh PA Whitehall Fee 50.0 % (4) Acquired 2003 91.3 % 1,193,515 Macy's, JCPenney, Boscov's, Barnes & Noble, Michael's, Dave & Buster's 40. GA Atlanta Fee 100.0 % Acquired 1998 97.0 % 1,556,507 Neiman Marcus, Bloomingdale's, Macy's, JW Marriott (15), Hyatt 29 Centric (14) 41. NJ Livingston (New Fee 100.0 % Acquired 1998 88.6 % 968,748 Macy's, Lord & Taylor (13), Barnes & Noble York) 42. Mall at Rockingham Park, The NH Salem (Boston) Fee 28.2 % (4) Acquired 1999 94.9 % 1,064,794 JCPenney, Macy's, Dick's Sporting Goods, Cinemark Theatre 43. GA Buford (Atlanta) Fee 100.0 % Built 1999 94.8 % 1,840,162 Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Havertys Furniture, Regal Cinema, Von Maur 44. Mall of New Hampshire, The NH Manchester Fee and Ground Lease (2024- 56.4 % (4) Acquired 1999 93.8 % 803,935 Macy's, JCPenney, Best Buy, Dick's Sporting Goods, Dave & 2027) (7) Buster's 45. McCain Mall AR N. Little Rock Fee 100.0 % Built 1973 93.9 % 793,612 Dillard's, JCPenney, Regal Cinema 46. NV Reno Fee 50.0 % (4) Acquired 2007 94.5 % 928,920 Macy's (8), JCPenney, Dick's Sporting Goods, Crunch Fitness, Round 1 47. NJ Edison (New Fee 100.0 % Acquired 1997 88.8 % 1,331,615 Nordstrom, Macy's, Barnes & Noble, AMC Dine-In Theatre York) 48. FL Miami Fee 47.8 % (4) Built 1982 94.5 % 1,082,921 Macy's (8), JCPenney, Kohl's 49. Midland Park Mall TX Midland Fee 100.0 % Built 1980 97.2 % 643,847 Dillard's (8), JCPenney, Ross, Dick's Sporting Goods 50. MN Duluth Fee 100.0 % Built 1973 91.7 % 829,775 JCPenney, Barnes & Noble, DSW, Dick's Sporting Goods, Essentia Health West, Essentia Health East 51. Montgomery Mall PA North Wales Fee 79.4 % Acquired 2003 73.5 % 1,102,298 Macy's, JCPenney, Dick's Sporting Goods, Wegmans (Philadelphia) 52. TX Hurst (Dallas) Fee 100.0 % Built 1971 93.7 % 1,667,775 Dillard's, Macy's, JCPenney, Dick's Sporting Goods, Cinemark Theatres 53. Northgate WA Seattle Fee 100.0 % Acquired 1987 — (17) 416,014 (17) Barnes & Noble, Bed Bath & Beyond, DSW, Nordstrom Rack, NHL Seattle (6) 54. MA Peabody Fee 56.4 % (4) Acquired 1999 90.4 % 1,504,635 JCPenney, Nordstrom, Macy's (8), Barnes & Noble, Shaw's (Boston) Grocery, The Container Store, Tesla Sales and Service, Life Time Athletic (6) 55. NJ Toms River (New Fee 100.0 % Acquired 1998 85.7 % 876,479 Macy's, Boscov's, JCPenney, LA Fitness, HomeSense (6), Ulta York) 56. Orland Square IL Orland Park Fee 100.0 % Acquired 1997 93.5 % 1,229,917 Macy's, JCPenney, Dave & Buster's, Von Maur (Chicago) 57. PA Langhorne Fee 85.5 % Acquired 2003 75.5 % 1,340,622 Macy's, JCPenney, United Artists Theatre (Philadelphia) 58. Penn Square Mall OK Oklahoma City Ground Lease (2060) 94.5 % Acquired 2002 90.1 % 1,083,717 Macy's, Dillard's (8), JCPenney, AMC Theatres, The Container Store 59. NH Nashua - — % (12) Acquired 2002 96.4 % 979,534 JCPenney, Target, Macy's, Dick's Sporting Goods

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses

60. Phipps Plaza GA Atlanta Fee 100.0 % Acquired 1998 89.1 % 760,105 Saks Fifth Avenue, Nordstrom, AMC Theatres, Arhaus Furniture, Legoland Discovery Center, AC Hotel by Marriott, Life Time Athletic (6), Life Time Work (6), Nobu Hotel and Restaurant (6), (16) 61. Plaza Carolina PR Carolina (San Fee 100.0 % Acquired 2004 83.3 % 1,157,667 JCPenney, Sears (13), Tiendas Capri, Econo, T.J. Maxx, Juan) Caribbean Cinemas 62. LA Lake Charles Fee and Ground Lease (2040) 100.0 % Built 1972 89.9 % 842,763 Dillard's, JCPenney, Cinemark Theatres, Kohl's, Dick's Sporting (7) Goods, T.J. Maxx/HomeGoods 63. NJ Lawrenceville Fee 50.0 % (4) Acquired 2003 87.3 % 1,081,115 Macy's, Lord & Taylor (13), JCPenney 64. NJ Rockaway (New Fee 100.0 % Acquired 1998 79.5 % 1,246,023 Macy's, JCPenney, Raymour & Flanigan York) 65. Roosevelt Field NY Garden City (New Fee and Ground Lease (2090) 100.0 % Acquired 1998 95.0 % 2,346,122 Bloomingdale's, Nordstrom, Macy's, JCPenney, Dick's Sporting York) (7) Goods, AMC Entertainment, XSport Fitness, Neiman Marcus, Residence Inn by Marriott 66. PA Pittsburgh Fee 100.0 % Built 1986 92.8 % 1,234,352 JCPenney, Nordstrom, L.L. Bean, Macy's (8), Crate & Barrel 67. CA Santa Rosa Fee 100.0 % Acquired 1998 84.5 % 693,475 Macy's, Forever 21 68. Shops at Chestnut Hill, The MA Chestnut Hill Fee 94.4 % Acquired 2002 94.8 % 470,073 Bloomingdale's (8) (Boston) 69. Shops at Clearfork, The TX Fort Worth Fee 45.0 % (4) Built 2017 84.5 % 549,182 Neiman Marcus, Arhaus Furniture, AMC Theatres, Pinstripes, (16) 70. Shops at Crystals, The NV Las Vegas Fee 50.0 % (4) Acquired 2016 84.9 % 270,588 Aria Resort and Casino (15) 71. Shops at Nanuet, The NY Nanuet Fee 100.0 % Redeveloped 78.5 % 757,952 Regal Cinema, 24 Hour Fitness, At Home (6), Stop & Shop (6) 2013 72. Shops at Mission Viejo, The CA Mission Viejo Fee 51.0 % (4) Built 1979 92.6 % 1,235,577 Nordstrom, Macy's (8), Dick's Sporting Goods (6) 30 (Los Angeles) 73. Shops at Riverside, The NJ Hackensack Fee 100.0 % Acquired 2007 87.0 % 707,520 Bloomingdale's, Barnes & Noble, Arhaus Furniture, AMC Theatres (New York) 74. NY Lake Grove (New Fee 25.0 % (4) Acquired 1995 88.2 % 1,296,751 Macy's (8), Dick's Sporting Goods, Barnes & Noble, L.L. Bean York) (2) 75. MA Marlborough Fee 56.4 % (4) Acquired 1999 79.6 % 886,397 Macy's, JCPenney, Sears, Regal Cinema (Boston) 76. PA Pittsburgh Fee 100.0 % Acquired 1997 89.2 % 1,128,979 Macy's (8), Barnes & Noble, AMC Cinemas, Dick's Sporting Goods, Target, DSW, Ulta 77. MA Braintree Fee 100.0 % Acquired 1998 93.4 % 1,590,606 Macy's, Sears, Nordstrom, Target, Primark (Boston) 78. MN Edina Fee 100.0 % Acquired 2007 85.8 % 1,246,313 Macy's, AMC Theatres, Dave & Buster's, Restoration Hardware, (Minneapolis) Life Time Athletic, Life Time Work/Sport, Homewood Suites by Hilton, (16) 79. SouthPark NC Charlotte Fee and Ground Lease (2040) 100.0 % Acquired 2002 96.4 % 1,684,900 Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting (9) Goods, Crate & Barrel, The Container Store, Reid's Fine Foods & Wine Bar (15), (16) 80. Springfield Mall (1) PA Springfield Fee 50.0 % (4) Acquired 2005 81.1 % 610,066 Macy's, Target (Philadelphia) 81. St. Charles Towne Center MD Waldorf Fee 100.0 % Built 1990 76.2 % 980,342 Macy's (8), JCPenney, Kohl's, Dick Sporting Goods, AMC Theatres (Washington, DC) 82. St. Johns Town Center FL Jacksonville Fee 50.0 % (4) Built 2005 95.2 % 1,453,557 Nordstrom, Dillard's, Arhaus Furniture, Dick's Sporting Goods, Barnes & Noble, Restoration Hardware (6), Homewood Suites by Hilton (15), Target, Ashley Furniture Home Store, Ross, Staples (13), DSW, JoAnn Fabrics, PetsMart 83. CA Palo Alto (San Ground Lease (2064) 94.4 % (11) Acquired 2003 93.9 % 1,288,019 Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Crate and Jose) Barrel, The Container Store, Restoration Hardware (6) 84. Stoneridge Shopping Center CA Pleasanton (San Fee 49.9 % (4) Acquired 2007 95.7 % 1,299,690 Macy's (8), JCPenney, Arhaus Furniture (6) Francisco) 85. OH Akron Fee 100.0 % Built 1965 89.4 % 776,843 Dillard's (8), Macy's, Arhaus Furniture 86. WA Tacoma (Seattle) Fee 100.0 % Acquired 1987 92.8 % 1,240,441 Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Marcus Cinema (6), Nordstrom Rack (6), Total Wine and More (6), Ulta (6) 87. IN Lafayette Fee 100.0 % Built 1973 84.4 % 864,844 Macy's, JCPenney, Kohl's, Dick's Sporting Goods

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses

88. Town Center at Boca Raton FL Boca Raton Fee 100.0 % Acquired 1998 96.9 % 1,778,863 Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, (Miami) Macy's, Crate & Barrel, The Container Store, Joseph's Classic Market, Arhaus Furniture (6) 89. KS Wichita Fee 100.0 % Built 1975 99.4 % 1,144,884 Dillard's, Von Maur, JCPenney, Round 1 90. FL Jensen Beach Fee 100.0 % Built 1987 88.7 % 876,234 Macy's, Dillard's, JCPenney, Regal Cinema 91. Tyrone Square FL St. Petersburg Fee 100.0 % Built 1972 89.0 % 960,570 Macy's, Dillard's, JCPenney, DSW, Cobb 10 Luxury Theatres, 31 (Tampa) Dick's Sporting Goods, Hitchcock's Green Market, PetSmart 92. IN Mishawaka Fee 100.0 % Built 1979 84.7 % 918,320 Macy's, JCPenney, Barnes & Noble 93. NY Huntington Fee and Ground Lease (2032) 100.0 % Acquired 1998 91.3 % 1,084,579 Saks Fifth Avenue, Bloomingdale’s, Macy’s Station (New (7) York) 94. TN Knoxville Fee and Ground Lease (2042) 50.0 % (4) Acquired 1991 93.6 % 1,281,753 Belk (8), Dillard’s, JCPenney, Regal Cinebarre Theatre, Dick's Sporting Goods (6), Tesla Sales and Service (6) 95. Westchester, The NY White Plains Fee 40.0 % (4) Acquired 1997 84.3 % 806,086 Neiman Marcus, Nordstrom, Crate and Barrel (New York) 96. White Oaks Mall IL Springfield Fee 80.7 % Built 1977 76.8 % 942,836 Macy's, Dick's Sporting Goods, LA Fitness, Michael's 97. TN Memphis Fee 94.5 % Acquired 2002 95.0 % 1,151,336 Macy's, Dillard's, JCPenney, Malco Theatres, Courtyard by Marriott (14) 98. IL Schaumburg Fee 50.0 % (4) Acquired 2012 91.2 % 2,155,042 Nordstrom, Macy's, JCPenney, Sears, Arhaus Furniture, PAC-MAN (Chicago) Entertainment 99. OK Tulsa Fee 94.5 % Acquired 2002 93.2 % 1,096,430 Macy's, Dillard's, JCPenney, Holiday Inn Express (15), Courtyard by Marriott (15) Total Mall GLA 111,905,430 (18)

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal Or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants

Premium Outlets 1. Albertville Premium Outlets MN Albertville Fee 100.0 % Acquired 2004 85.6 % 337,689 Coach, Gap Outlet, Kate Spade New York, Lululemon, Michael Kors, (Minneapolis) Nike, Polo Ralph Lauren, The North Face, Under Armour 2. Allen Premium Outlets TX Allen (Dallas) Fee 100.0 % Acquired 2004 96.5 % 544,216 Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Giorgio Armani, J.Crew, Kate Spade New York, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Staybridge Suites (14), The North Face, Tommy Hilfiger, Tory Burch, Under Armour 3. Aurora Farms Premium Outlets OH Aurora (Cleveland) Fee 100.0 % Acquired 2004 92.5 % 271,533 Calvin Klein, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 4. Birch Run Premium Outlets MI Birch Run (Detroit) Fee 100.0 % Acquired 2010 93.5 % 593,911 Adidas, Calvin Klein, Coach, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn/Williams-Sonoma Outlet, Tommy Hilfiger, The North Face, Under Armour 5. Camarillo Premium Outlets CA Camarillo (Los Fee 100.0 % Acquired 2004 92.1 % 686,115 Adidas, Calvin Klein, Coach, Columbia Sportswear, Giorgio Armani, Angeles) H&M, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 6. Carlsbad Premium Outlets CA Carlsbad (San Fee 100.0 % Acquired 2004 98.7 % 289,210 Adidas, Barneys New York Warehouse, Calvin Klein, Coach, Crate & Diego) Barrel, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tory Burch, Under Armour 7. Carolina Premium Outlets NC Smithfield (Raleigh) Fee 100.0 % Acquired 2004 91.0 % 438,752 Adidas, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 8. Charlotte Premium Outlets NC Charlotte Fee 50.0 % (4) Built 2014 95.1 % 398,331 Adidas, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade 32 New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 9. Chicago Premium Outlets IL Aurora (Chicago) Fee 100.0 % Built 2004 88.1 % 687,357 Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Under Armour 10. Cincinnati Premium Outlets OH Monroe (Cincinnati) Fee 100.0 % Built 2009 87.0 % 398,958 Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 11. Clarksburg Premium Outlets MD Clarksburg Fee 66.0 % (4) Built 2016 89.9 % 390,147 Armani Outlet, A/X Armani Exchange, Adidas, Calvin Klein, Coach, (Washington, DC) Columbia Sportswear, Express, Kate Spade New York, Lafayette 148 New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tommy Hilfiger, Tory Burch, Under Armour, Vince 12. Clinton Crossing Premium Outlets CT Clinton Fee 100.0 % Acquired 2004 97.5 % 276,117 Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 13. Denver Premium Outlets CO Thornton (Denver) Fee 100.0 % Built 2018 97.4 % 328,100 Adidas, A/X Armani Exchange, Calvin Klein, Coach, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines, Staybridge Suites (15) 14. Desert Hills Premium Outlets CA Cabazon (Palm Fee 100.0 % Acquired 2004 98.5 % 655,225 Agent Provocateur, Alexander McQueen, Armani Outlet, Balenciaga, Springs) Bottega Veneta, Brioni, Brunello Cucinelli, Burberry, Coach, Ermenegildo Zegna, Fendi, Gucci, Jimmy Choo, Loro Piana, Marc Jacobs, Moncler, Mulberry, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Prada, Saint Laurent Paris, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Stuart Weitzman, Tory Burch, Valentino 15. Ellenton Premium Outlets FL Ellenton (Tampa) Fee 100.0 % Acquired 2010 91.6 % 477,119 Adidas, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 16. Folsom Premium Outlets CA Folsom Fee 100.0 % Acquired 2004 87.1 % 297,933 Adidas, Banana Republic, Calvin Klein, Coach, Gap Outlet, Kate Spade (Sacramento) New York, Michael Kors, Nike, Tommy Hilfiger, Under Armour 17. Gilroy Premium Outlets CA Gilroy (San Jose) Fee 100.0 % Acquired 2004 85.8 % 578,505 Adidas, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal Or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants

18. Gloucester Premium Outlets NJ Blackwood Fee 50.0 % (4) Built 2015 88.7 % 378,506 Adidas, Banana Republic, , Calvin Klein, Columbia (Philadelphia) Sportswear, Gap Outlet, Guess, Levi's, J. Crew, Loft Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour, Vera Bradley 19. Grand Prairie Premium Outlets TX Grand Prairie Fee 100.0 % Built 2012 93.7 % 423,640 Banana Republic, Bloomingdale's The Outlet Store, Coach, Columbia (Dallas) Sportswear, Kate Spade New York, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, Under Armour 20. Grove City Premium Outlets PA Grove City Fee 100.0 % Acquired 2010 86.8 % 530,727 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, (Pittsburgh) Coach, Gap Outlet, Guess, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 21. Gulfport Premium Outlets MS Gulfport Ground Lease (2059) 100.0 % Acquired 2010 89.7 % 300,055 Banana Republic, Chico's, Coach, Gap Outlet, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 22. Hagerstown Premium Outlets MD Hagerstown Fee 100.0 % Acquired 2010 62.1 % 485,591 Adidas, American Eagle Outfitters, Banana Republic, Brooks Brothers, (Baltimore/ Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Washington, DC) Kate Spade New York, Loft Outlet, New Balance, The North Face, Tommy Hilfiger, Under Armour 23. Houston Premium Outlets TX Cypress (Houston) Fee 100.0 % Built 2008 95.7 % 542,472 Ann Taylor, A/X Armani Exchange, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Giorgio Armani, Holiday Inn Express (15), Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory 33 Burch, Victoria's Secret 24. Indiana Premium Outlets IN Edinburgh Fee 100.0 % Acquired 2004 93.2 % 378,029 Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, (Indianapolis) J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 25. Jackson Premium Outlets NJ Jackson (New York) Fee 100.0 % Acquired 2004 84.9 % 285,560 Adidas, American Eagle Outfitters, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Loft Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 26. Jersey Shore Premium Outlets NJ Tinton Falls (New Fee 100.0 % Built 2008 95.1 % 434,491 Adidas, Ann Taylor, Banana Republic, Burberry, Brooks Brothers, Calvin York) Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 27. Johnson Creek Premium Outlets WI Johnson Creek Fee 100.0 % Acquired 2004 86.8 % 277,672 Adidas, Banana Republic, Calvin Klein, Gap Outlet, Loft Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 28. Kittery Premium Outlets ME Kittery Fee and Ground Lease 100.0 % Acquired 2004 86.8 % 259,334 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia (2049) (7) Sportswear, Express Factory Outlet, Gap Outlet, J.Crew, Kate Spade New York, New Balance, Nike, Polo Ralph Lauren, Swarovski, Tommy Hilfiger, Tumi 29. Las Americas Premium Outlets CA San Diego Fee 100.0 % Acquired 2007 94.7 % 553,993 Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Giorgio Armani, Guess, Kate Spade New York, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 30. Las Vegas North Premium Outlets NV Las Vegas Fee 100.0 % Built 2003 94.7 % 676,270 All Saints, Armani Outlet, A/X Armani Exchange, Banana Republic, Burberry, Canali, CH Carolina Herrera, Cheesecake Factory, Coach, David Yurman, Dolce & Gabbana, Etro, Jimmy Choo, John Varvatos, Lululemon, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Roberto Cavalli, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Shake Shack, Tory Burch 31. Las Vegas South Premium Outlets NV Las Vegas Fee 100.0 % Acquired 2004 96.6 % 535,721 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 32. Lee Premium Outlets MA Lee Fee 100.0 % Acquired 2010 89.7 % 224,756 Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal Or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants

33. Leesburg Premium Outlets VA Leesburg Fee 100.0 % Acquired 2004 95.8 % 478,218 Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Brooks (Washington, DC) Brothers, Burberry, Coach, Design Within Reach, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Salvatore Ferragamo, Tory Burch, Under Armour, Vineyard Vines, Williams-Sonoma 34. Lighthouse Place Premium Outlets IN Michigan City Fee 100.0 % Acquired 2004 87.9 % 454,778 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, (Chicago, IL) Guess, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 35. Merrimack Premium Outlets NH Merrimack Fee 100.0 % Built 2012 98.1 % 408,892 Ann Taylor, Banana Republic, Barbour, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Lacoste, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines 36. Napa Premium Outlets CA Napa Fee 100.0 % Acquired 2004 83.2 % 179,427 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger 37. VA Norfolk Fee 65.0 % (4) Built 2017 86.1 % 332,281 A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 38. North Bend Premium Outlets WA North Bend (Seattle) Fee 100.0 % Acquired 2004 84.9 % 223,621 Banana Republic, Coach, Gap Outlet, Levi's, Kate Spade New York, Michael Kors, Nike, Skechers, Under Armour 39. North Georgia Premium Outlets GA Dawsonville Fee 100.0 % Acquired 2004 89.8 % 540,802 Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Burberry,

34 (Atlanta) Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn, The North Face, Tommy Hilfiger, Tory Burch, West Elm, Williams- Sonoma 40. Orlando International Premium FL Orlando Fee 100.0 % Acquired 2010 99.2 % 773,380 Adidas, Armani Outlet, Calvin Klein, Carhartt, Coach, Columbia Outlets Sportswear, H&M, J.Crew, Karl Lagerfeld, Kate Spade New York,Marc Jacobs, Michael Kors, Nike, Panera Bread, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 41. Orlando Vineland Premium Outlets FL Orlando Fee 100.0 % Acquired 2004 99.4 % 656,753 Adidas, All Saints, Armani Outlet, Bally, Bottega Veneta, Brunello Cucinelli, Burberry, Calvin Klein, Carolina Herrera, Coach, Ermenegildo Zegna, Jimmy Choo, John Varvatos, Kate Spade New York, Lacoste, Lululemon, Michael Kors, Nike, Prada, Polo Ralph Lauren, Roberto Cavalli, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, TAG Heuer, The North Face, Tod's, Tommy Hilfiger, Tory Burch, Under Armour 42. Petaluma Village Premium Outlets CA Petaluma (San Fee 100.0 % Acquired 2004 82.6 % 201,948 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Coach, Gap Francisco) Outlet, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger 43. Philadelphia Premium Outlets PA Limerick Fee 100.0 % Built 2007 91.3 % 549,155 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, (Philadelphia) Coach, Gap Outlet, Guess, H&M, J.Crew, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 44. Phoenix Premium Outlets AZ Chandler (Phoenix) Ground Lease (2077) 100.0 % Built 2013 94.9 % 356,509 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Factory Store, Guess, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, Tumi, Under Armour 45. Pismo Beach Premium Outlets CA Pismo Beach Fee 100.0 % Acquired 2010 85.1 % 147,403 Calvin Klein, Coach, Guess, Kate Spade New York, Levi's, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Van Heusen 46. Pleasant Prairie Premium Outlets WI Pleasant Prairie Fee 100.0 % Acquired 2010 93.6 % 402,412 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, (Chicago, IL/ Kate Spade New York, J.Crew, Lacoste, Loft Outlet, Michael Kors, Nike, Milwaukee) Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 47. Puerto Rico Premium Outlets PR Barceloneta Fee 100.0 % Acquired 2010 94.7 % 349,884 Adidas, Calvin Klein, Coach, Disney Store Outlet, Gap Outlet, Invicta, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal Or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants

48. Queenstown Premium Outlets MD Queenstown Fee 100.0 % Acquired 2010 89.5 % 289,682 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, (Baltimore) Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, Tommy Bahama, Under Armour 49. Rio Grande Valley Premium Outlets TX Mercedes (McAllen) Fee 100.0 % Built 2006 85.1 % 603,929 Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, H&M, Kate Spade New York, Levi's, Michael Kors, Nike, Pandora, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 50. Round Rock Premium Outlets TX Round Rock (Austin) Fee 100.0 % Built 2006 97.3 % 498,387 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Duluth Trading Company, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, (16) 51. San Francisco Premium Outlets CA Livermore (San Fee and Ground Lease 100.0 % Built 2012 97.1 % 696,873 All Saints, Arc'teryx, Athleta, A/X Armani Exchange, Bloomingdale's The Francisco) (2021) (9) Outlet Store, Bottega Veneta, Brunello Cucinelli, Burberry, CH Carolina Herrera, Coach, Ermenegildo Zegna, Etro, Furla, Gucci, H&M, Jimmy Choo, John Varvatos, Kate Spade New York, Lacoste, Longchamp, MaxMara, Michael Kors, Nike, Polo Ralph Lauren, Prada, Roger Vivier, Saks Fifth Avenue Off 5th, Sandro & Maje, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tod's, Tory Burch, Under Armour, Versace, Zadig et Voltaire 52. San Marcos Premium Outlets TX San Marcos (Austin/ Fee 100.0 % Acquired 2010 88.1 % 735,171 Armani Outlet, Banana Republic, Burberry, CH Carolina Herrera, Etro, 35 San Antonio) Gucci, J. Crew, Jimmy Choo, Kate Spade New York, Lacoste, Lululemon, Neiman Marcus Last Call, Marc Jacobs, Michael Kors, Pandora, Polo Ralph Lauren, Pottery Barn, Prada, Restoration Hardware, Saint Laurent Paris, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tommy Bahama, Tory Burch, Versace, Vineyard Vines 53. Seattle Premium Outlets WA Tulalip (Seattle) Ground Lease (2079) 100.0 % Built 2005 97.4 % 554,532 Adidas, Ann Taylor, Arc'teryx, Armani Outlet, Banana Republic, Burberry, Calvin Klein, Coach, Columbia Sportswear, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, St. John, Stuart Weitzman, The North Face, Tommy Bahama, Tommy Hilfiger, Tory Burch, Under Armour 54. Silver Sands Premium Outlets FL Destin Fee 50.0 % (4) Acquired 2012 91.4 % 450,954 Adidas, Banana Republic, Brooks Brothers, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour, Vera Bradley 55. St. Augustine Premium Outlets FL St. Augustine Fee 100.0 % Acquired 2004 95.3 % 327,720 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, (Jacksonville) Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger, Under Armour 56. St. Louis Premium Outlets MO St. Louis Fee 60.0 % (4) Built 2013 93.1 % 351,425 Adidas, Ann Taylor, Brooks Brothers, Coach, Gap Outlet, J. Crew, Kate (Chesterfield) Spade New York, Levi's, Michael Kors, Nike, Puma, Tommy Hilfiger, Ugg, Under Armour, Vera Bradley 57. Tampa Premium Outlets FL Lutz (Tampa) Fee 100.0 % Built 2015 98.6 % 459,694 Adidas, A/X Armani Outlet, Banana Republic, BJ's Restaurant and Brewhouse, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J. Crew, Kate Spade New York, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Puma, Saks 5th Avenue Off 5th, Tommy Hilfiger, Tumi, Under Armour 58. Tanger Outlets - Columbus (1) OH Sunbury (Columbus) Fee 50.0 % (4) Built 2016 94.7 % 355,254 Banana Republic, Brooks Brothers, Coach, Kate Spade New York, Nike, Polo Ralph Lauren, Under Armour 59. Tanger Outlets - Galveston/Houston TX Texas City Fee 50.0 % (4) Built 2012 91.8 % 352,705 Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New (1) York, Michael Kors, Nike, Tommy Hilfiger 60. The Crossings Premium Outlets PA Tannersville Fee and Ground Lease 100.0 % Acquired 2004 95.5 % 411,766 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, (2029) (7) Coach, J.Crew, Johnny Rockets, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal Or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants

61. Tucson Premium Outlets AZ Marana (Tucson) Fee 100.0 % Built 2015 79.9 % 363,456 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Godiva, Guess, Johnny Rockets, Levi’s, Michael Kors, Nike, Polo Ralph Lauren, Saks 5th Avenue Off 5th, Skechers, Tommy Hilfiger, Under Armour 62. Twin Cities Premium Outlets MN Eagan Fee 35.0 % (4) Built 2014 90.4 % 408,925 Adidas, Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J. Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Under Armour 63. Vacaville Premium Outlets CA Vacaville Fee 100.0 % Acquired 2004 89.6 % 447,273 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Skechers, The North Face, Tommy Hilfiger, Under Armour, West Elm Outlet 64. Waikele Premium Outlets HI Waipahu (Honolulu) Fee 100.0 % Acquired 2004 92.8 % 219,485 Adidas, All Saints, Armani Outlet, Calvin Klein, Coach, Furla, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Swarovski, Tommy Hilfiger, Tory Burch 65. Waterloo Premium Outlets NY Waterloo Fee 100.0 % Acquired 2004 81.5 % 421,436 American Eagle Outfitters, Banana Republic, Brooks Brothers, Calvin Klein, Chico’s, Coach, Columbia Sportswear, Gap Outlet, H&M, J.Crew,

36 Kate Spade New York, Levi's, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour 66. Williamsburg Premium Outlets VA Williamsburg Fee 100.0 % Acquired 2010 93.9 % 522,562 Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, New Balance, Nike, Pandora, Polo Ralph Lauren, Puma, The North Face, Timberland, Tommy Bahama, Tommy Hilfiger, Under Armour, Vera Bradley, Vineyard Vines 67. OR Woodburn Fee 100.0 % Acquired 2013 93.5 % 389,513 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, (Portland) J. Crew, Levi's, Michael Kors, Nike, The North Face, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour 68. Woodbury Common Premium NY Central Valley (New Fee 100.0 % Acquired 2004 95.1 % 909,425 Arc'teryx, Armani Outlet, Balenciaga, Balmain, Bottega Veneta, Breitling, Outlets York) Brioni, Brunello Cucinelli, Burberry, Canali, Celine, Chloe, Coach, Dior, Dolce & Gabbana, Dunhill, Fendi, Givenchy, Golden Goose, Gucci, Jimmy Choo, Lacoste, Loewe, Longchamp, Loro Piana, Marc Jacobs, Michael Kors, Moncler, Mulberry, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Santoni, Shake Shack, Stone Island, Stuart Weitzman, Theory, Tod's, Tom Ford, Tory Burch, Valentino, Versace, Zegna 69. Wrentham Village Premium Outlets MA Wrentham (Boston) Fee 100.0 % Acquired 2004 93.8 % 672,869 Adidas, All Saints, Armani Outlet, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Burberry, Calvin Klein, Coach, David Yurman, Gucci, Karl Lagerfeld, Kate Spade New York, Lacoste, Lululemon, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Prada, Puma, Restoration Hardware, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines

Total U.S. Premium Outlets GLA 30,434,534

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants

The Mills 1. AZ Tempe Fee 100.0 % Acquired 2007 88.2 % 1,224,704 Marshalls, Burlington, Ross, Harkins Cinemas & IMAX, Sea Life (Phoenix) Center, Conn's, Legoland, Forever 21, dd's Discounts (6), Overtime by Dick's Sporting Goods, Rainforest Café 2. MD Hanover Fee 59.3 % (4) Acquired 2007 97.1 % 1,929,910 Bass Pro Shops Outdoor World, Best Buy, Burlington, Dave & (Baltimore) Buster's, Medieval Times, Saks Fifth Avenue Off 5th, Of f Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Maryland Live! Casino, Forever 21, Ulta, Live! Hotel (14) 3. CO Lakewood Fee 37.5 % (4) Acquired 2007 86.1 % 1,416,322 Forever 21, Off Broadway Shoe Warehouse, Super Target, United (Denver) Artists Theatre, Burlington, H&M, Dick's Sporting Goods, Springhill Suites (15) 4. NC Concord Fee 59.3 % (4) Acquired 2007 97.5 % 1,369,966 Bass Pro Shops Outdoor World, Burlington, Dave & Buster's, Nike (Charlotte) Factory Store, Off Broadway Shoes, AMC Theatres, Best Buy, Forever 21, Sea Life Center, H&M, Dick's Sporting Goods (6) 5. TX Grapevine Fee 59.3 % (4) Acquired 2007 99.1 % 1,781,214 Burlington, Marshalls, Saks Fifth Avenue Off 5th, AMC Theatres, (Dallas) Sun & Ski Sports, Neiman Marcus Last Call, Legoland Discovery Center, Sea Life Center, Ross, H&M, Round 1 Entertainment, Fieldhouse USA, Rainforest Café, Springhill Suites (15), Hyatt Place (15), Hawthorn (15) 6. Great Mall CA Milpitas (San Fee and Ground Lease 100.0 % Acquired 2007 98.4 % 1,368,462 Camille La Vie, Kohl's, Dave & Buster's, Burlington, Marshalls, Jose) (2049) (7) Saks Fifth Avenue Off 5th, Nike Factory Store, Century Theatres, Bed Bath & Beyond, Dick's Sporting Goods, Legoland Discovery

37 Center (6) 7. IL Gurnee Fee 100.0 % Acquired 2007 90.0 % 1,734,951 Bass Pro Shops Outdoor World, Bed Bath & Beyond/Buy Buy (Chicago) Baby, Burlington, Kohl's, Marshalls Home Goods, Marcus Cinemas, Value City Furniture, Off Broadway Shoe Warehouse, Macy's, Floor & Decor, Dick's Sporting Goods, Rainforest Café, The Room Place 8. TX Katy Fee 62.5 % (4) Acquired 2007 91.9 % 1,787,611 Bass Pro Shops Outdoor World, Books-A-Million, Burlington, (Houston) (2) Marshalls, Saks Fifth Avenue Off 5th, Sun & Ski Sports, AMC Theatres, Tilt, Ross, H&M, RH Outlet, Rainforest Café 9. Mills at Jersey Gardens, The NJ Elizabeth Fee 100.0 % Acquired 2015 91.1 % 1,304,609 Burlington, Cohoes, Forever 21, AMC Theatres, Marshalls, Nike Factory Store, Saks 5th Avenue Off 5th, H&M, Tommy Hilfiger, Residence Inn (15), Courtyard by Marriott (15), Embassy Suites (15), Country Inn & Suites (15) 10. CA Ontario Fee 50.0 % (4) Acquired 2007 100.0 % 1,422,344 Burlington, Nike Factory Store, Marshalls, Saks Fifth Avenue Off (Riverside) 5th, Nordstrom Rack, Dave & Buster's, Camille La Vie, Sam Ash Music, AMC Theatres, Forever 21, Uniqlo, Skechers Superstore, Rainforest Café, Aki Home 11. TN Nashville Fee 100.0 % Acquired 2007 99.7 % 1,169,158 Regal Cinema & IMAX, Dave & Buster's, Sun & Ski, Bass Pro Shops Outdoor World, Forever 21, H&M, Madame Tussauds, Rainforest Café, Aquarium Restaurant 12. Outlets at Orange, The CA Orange (Los Fee 100.0 % Acquired 2007 99.0 % 866,975 Dave & Buster’s, Vans Skatepark, Saks Fifth Avenue Off 5th, AMC Angeles) Theatres, Neiman Marcus Last Call, Nordstrom Rack, Bloomingdale's the Outlet Store, Guitar Center, Nike Factory Store 13. VA Woodbridge Fee 100.0 % Acquired 2007 96.8 % 1,553,574 Marshalls, T.J. Maxx, JCPenney, Burlington, Nordstrom Rack, (Washington, Saks Fifth Avenue Off 5th Outlet, Costco Warehouse, AMC DC) Theatres, Bloomingdale's Outlet, Buy Buy Baby/and That!, Round 1 14. FL Sunrise Fee 100.0 % Acquired 2007 92.6 % 2,327,229 Bed Bath & Beyond, BrandsMart USA, Burlington, Marshalls, (Miami) Neiman Marcus Last Call, Nordstrom Rack, Saks Fifth Avenue Off 5th, Super Target, T.J. Maxx, Regal Cinema, Bloomingdale's Outlet, Dick's Sporting Goods, Primark, AC Hotel by Marriott (6) Total Mills Properties GLA 21,257,029

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

Ownership Interest Year Built (Expiration if Legal or Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants Lifestyle Centers 1. ABQ Uptown NM Albuquerque Fee 100.0 % Acquired 96.1 % 229,511 Anthropologie, Apple, Pottery Barn 2011 2. IN Noblesville Fee 50.0 % Built 2008 88.3 % 675,179 JCPenney, Dick's Sporting Goods, Bed Bath & Beyond, DSW (Indianapolis (4)

38 ) 3. FL Panama City Fee 65.6 % Built 2008 94 % 947,994 Dillard's, JCPenney, Target, Grand Theatres, Ron Jon Surf Shop, Beach (4) Margaritaville, Marshalls, Dave & Buster's, Skywheel 4. University Park Village TX Fort Worth Fee 100.0 % Acquired 96.9 % 169,992 Anthropologie, Apple, Pottery Barn 2015 Total Lifestyle Centers GLA 2,022,676

Other Properties 1 - 15. Other Properties 11,385,786 16 - 17. TMLP Acquired 2,913,461 2007 Total Other GLA 14,299,247 (18) Total U.S. Properties GLA 179,918,916

Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S. Properties

FOOTNOTES:

(1) This property is managed by a third party.

(2) Our direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or us.

(3) The date listed is the expiration date of the last renewal option available to the operating entity under the ground lease. In a majority of the ground leases, we have a right to purchase the lessor’s interest under an option, right of first refusal or other provision. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective property.

(4) Joint venture properties accounted for under the equity method.

(5) Malls - Executed leases for all company-owned GLA in mall stores, excluding majors and anchors. Premium Outlets and The Mills - Executed leases for all company-owned GLA (or total center GLA).

(6) Indicates box, anchor, major or project currently under development/construction or has announced plans for development.

(7) Indicates ground lease covers less than 50% of the acreage of this property.

(8) Tenant has multiple locations at this center.

39 (9) Indicates ground lease covers outparcel only.

(10) Tenant has an existing store at this center but will move to a new location.

(11) We receive substantially all the economic benefit of the property due to a preference or advance.

(12) We own a mortgage note that encumbers Pheasant Lane Mall that entitles us to 100% of the economics of this property.

(13) Indicates anchor has announced its intent to close this location.

(14) Indicates box, anchor, major or project currently under development/construction by a third party.

(15) Owned by a third party.

(16) Includes multi-family tenant on-site.

(17) This property is undergoing significant renovation.

(18) GLA includes office space. Centers with more than 75,000 square feet of office space are listed below:

Circle Centre - 104,944 sq. ft. Copley Place - 893,439 sq. ft. Domain, The - 156,240 sq. ft. Fashion Centre at Pentagon City, The - 169,089 sq. ft. Oxford Valley Mall - 139,701 sq. ft. Shops at Clearfork, The - 146,571 sq. ft. Southdale Center - 102,400 sq. ft.

United States Lease Expirations The following table summarizes lease expiration data for our U.S. malls and Premium Outlets, including Puerto Rico, as of December 31, 2020. The data presented does not consider the impact of renewal options that may be contained in leases and excludes data related to TRG.

U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)

Avg. Base Percentage of Gross Number of Minimum Rent Annual Rental Year Leases Expiring Square Feet PSF at 12/31/2020 Revenues (2) Inline Stores and Freestanding Month to Month Leases 995 3,463,698 $ 56.04 3.7 % 2021 2,392 8,635,941 $ 50.52 8.0 % 2022 2,561 9,658,952 $ 50.16 9.2 % 2023 2,325 9,254,119 $ 59.14 8.9 % 2024 1,785 7,076,454 $ 59.86 7.8 % 2025 1,561 6,100,909 $ 63.53 7.4 % 2026 1,246 5,046,888 $ 61.22 5.8 % 2027 924 3,621,868 $ 65.80 4.5 % 2028 810 3,543,203 $ 61.61 4.1 % 2029 697 3,025,932 $ 66.61 3.5 % 2030 437 2,085,678 $ 64.17 2.3 % 2031 and Thereafter 323 2,169,536 $ 42.04 1.8 % Specialty Leasing Agreements w/ terms in excess of 12 months 1,865 4,898,558 $ 16.47 1.6 % Anchors Month to Month Leases 1 138,409 $ 1.18 0.0 % 2021 2 158,266 $ 3.73 0.0 % 2022 10 1,408,024 $ 4.22 0.1 % 2023 17 2,381,099 $ 6.00 0.3 % 2024 18 1,565,287 $ 8.59 0.3 % 2025 17 1,676,634 $ 6.72 0.2 % 2026 14 1,660,628 $ 4.50 0.1 % 2027 6 920,224 $ 4.16 0.1 % 2028 8 707,745 $ 8.27 0.1 % 2029 4 511,660 $ 2.44 0.0 % 2030 8 824,573 $ 8.52 0.1 % 2031 and Thereafter 19 1,749,992 $ 12.09 0.4 %

(1) Does not consider the impact of renewal options that may be contained in leases.

(2) Annual rental revenues represent domestic 2020 consolidated and joint venture combined base rental revenue.

40 International Properties Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements. With the exception of our Premium Outlets in Canada, all of our international properties are managed by related parties.

European Investments At December 31, 2020, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $22.55 per share. Klépierre is a publicly traded, Paris-based real estate company, which owns, or has an interest in shopping centers located in 15 countries. As of December 31, 2020, we had a controlling interest in a European investee with interests in ten Designer Outlet properties. Nine of the outlet properties are located in Europe and one outlet property is located in Canada. Of the nine properties in Europe, two are in Italy, two are in the Netherlands, and one each is in Austria, France, Germany, Spain and the United Kingdom. As of December 31, 2020, our legal percentage ownership interests in these entities ranged from 45% to 94%. We own a 14.6% interest in Value Retail PLC and affiliated entities, which own and operate nine luxury outlets throughout Europe. We also have a minority direct ownership in three of those outlets.

Other International Investments We hold a 40% interest in nine operating joint venture properties in Japan, a 50% interest in four operating joint venture properties in South Korea, a 50% interest in two operating joint venture properties in Mexico, a 50% interest in two operating joint venture properties in Malaysia, a 50% interest in one operating joint venture in Thailand, and a 50% interest in three Premium Outlet operating joint venture properties in Canada. The nine Japanese Premium Outlets operate in various cities throughout Japan and comprise over 3.6 million square feet of GLA and were 99.5% leased as of December 31, 2020. Our investment in TRG includes an interest in four operating joint venture properties located outside of the U.S.; two located in the People’s Republic of China and two located in South Korea. Our effective ownership in these centers, through our investment in TRG, ranges from 13.7% to 39.2%. The following property tables summarize certain data for our international properties as of December 31, 2020 and do not include our equity investments in Klépierre, TRG, or our investment in Value Retail PLC and affiliated entities.

41 Simon Property Group, Inc. Simon Property Group, L.P. Property Table International Properties

City Ownership SPG Effective Total Gross COUNTRY/Property Name (Metropolitan area) Interest Ownership Year Built Leasable Area (1) Selected Tenants INTERNATIONAL PREMIUM OUTLETS JAPAN 1. Ami Premium Outlets Ami (Tokyo) Fee 40.0 % 2009 315,000 Adidas, Beams, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger 2. Gotemba Premium Outlets (2) Gotemba City Fee 40.0 % 2000 659,500 Adidas, Armani, Balenciaga, Bally, Beams, Bottega Veneta, Burberry, Coach, Dolce (Tokyo) & Gabbana, Dunhill, Gap Outlet, Gucci, Loro Piana, Michael Kors, Moncler, Nike, Polo Ralph Lauren, Prada/Miu Miu, Puma, Salvatore Ferragamo, Tod's, Tory Burch, United Arrows Phase 4 - 2020 3. Kobe-Sanda Premium Outlets Hyougo-ken (Osaka) Ground Lease 40.0 % 2007 441,000 Adidas, Armani, Bally, Beams, Coach, Dolce & Gabbana, Gap Outlet, Gucci, Kate 42 (2026) Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Prada/Miu Miu, Salvatore Ferragamo, Tod's, Tommy Hilfiger, United Arrows, Valentino 4. Rinku Premium Outlets (2) Izumisano (Osaka) Ground Lease 40.0 % 2000 512,500 Adidas, Armani, Bally, Beams, Brooks Brothers, Burberry, Coach, Dolce & Gabbana, (2031) Dunhill, Eddie Bauer, Furla, Gap Outlet, Kate Spade New York, Lanvin Collection, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Salvatore Ferragamo, TaylorMade, Tommy Hilfiger, United Arrows, Zara Phase 5 - 2020 5. Sano Premium Outlets Sano (Tokyo) Fee 40.0 % 2003 390,800 Adidas, Beams, Coach, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Gucci, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Prada/Miu Miu, Salvatore Ferragamo, TaylorMade 6. Sendai-Izumi Premium Outlets Izumi Park Town Ground Lease 40.0 % 2008 164,200 (Sendai) (2027) Adidas, Beams, Coach, Gap, Nike, Polo Ralph Lauren, Tommy Hilfiger, United Arrows 7. Shisui Premium Outlets Shisui (Chiba), Ground Lease 40.0 % 2013 434,600 Adidas, Beams, Citizen, Coach, Dunhill, Furla, Gap, Kate Spade New York, Marmot, Japan (2033) Michael Kors, Nike, Polo Ralph Lauren, Samsonite, Tommy Hilfiger, United Arrows 8. Toki Premium Outlets Toki (Nagoya) Ground Lease 40.0 % 2005 367,700 Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Nike, Olive des (2033) Olive, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger, United Arrows 9. Tosu Premium Outlets Fukuoka (Kyushu) Fee 40.0 % 2004 328,400 Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Tommy Hilfiger, United Arrows Subtotal Japan 3,613,700

Simon Property Group, Inc. Simon Property Group, L.P. Property Table International Properties

City Ownership SPG Effective Total Gross COUNTRY/Property Name (Metropolitan area) Interest Ownership Year Built Leasable Area (1) Selected Tenants MEXICO 10. Punta Norte Premium Outlets Mexico City Fee 50.0 % 2004 333,000 Adidas, Calvin Klein, CH Carolina Herrera, Coach, Dolce & Gabbana, Kate Spade New York, Nautica, Nike, Palacio Outlet, Salvatore Ferragamo, Zegna 11. Premium Outlets Querétaro Querétaro Fee 50.0 % 2019 274,800 Adidas, Adrianna Papell, Calvin Klein, Guess, Levi's, Nike, Tommy Hilfiger, True Religion, Under Armour Subtotal Mexico 607,800 SOUTH KOREA 12. Yeoju Premium Outlets Yeoju (Seoul) Fee 50.0 % 2007 551,600 Adidas, Armani, Burberry, Chloe, Coach, Fendi, Gucci, Michael Kors, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's, Under Armour, Valentino, Vivienne Westwood 13. Paju Premium Outlets Paju (Seoul) Ground Lease (2040) 50.0 % 2011 558,900 Adidas, Armani, Bean Pole, Calvin Klein, Coach, Jill Stuart, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tory Burch, Under Armour, Vivienne Westwood 14. Busan Premium Outlets Busan Fee 50.0 % 2013 360,200 Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger 15. Siehung Premium Outlets Siehung Fee 50.0 % 2017 444,400 Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren,

43 Salvatore Ferragamo, The North Face, Under Armour Subtotal South Korea 1,915,100 MALAYSIA 16. Johor Premium Outlets Johor (Singapore) Fee 50.0 % 2011 309,400 Adidas, Armani, Calvin Klein, Coach, DKNY, Furla, Gucci, Guess, Michael Kors, Nike, Polo Ralph Lauren, Prada, Puma, Salvatore Ferragamo, Timberland, Tommy Hilfiger, Tory Burch, Zegna 17. Genting Highlands Premium Outlets Kuala Lumpur Fee 50.0 % 2017 277,500 Adidas, Coach, Furla, Kate Spade New York, Michael Kors, Nike, Padini, Polo Ralph Lauren, Puma Subtotal Malaysia 586,900 THAILAND 18. Siam Premium Outlets Bangkok Bangkok Fee 50.0 % 2020 264,000 Adidas, Balenciage, Burberry, Calvin Klein, Coach, Furla, Kate Spade New York, Nike, Skechers, Under Armour Subtotal Thailand 264,000 CANADA 19. Toronto (Ontario) Fee 50.0 % 2013 504,600 Adidas, Armani, Burberry, Calvin Klein, Coach, Eddie Bauer, Gap, Gucci, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue, Tommy Hilfiger, Tory Burch, Under Armour 20. Premium Outlets Montreal Montreal (Quebec) Fee 50.0 % 2014 367,400 Adidas, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, The North Face, Tommy Hilfiger, Under Armour 21. Premium Outlet Collection Edmonton (Alberta) Ground Lease (2072) 50.0 % 2018 422,600 Adidas, Calvin Klein, Coach, Gap Factory, Kate Spade New York, Michael Kors, Nike, Polo Ralph Edmonton International Airport Lauren, Tommy Hilfiger, Under Armour Subtotal Canada 1,294,600 TOTAL INTERNATIONAL PREMIUM OUTLETS 8,282,100

Simon Property Group, Inc. Simon Property Group, L.P. Property Table International Properties

City Ownership SPG Effective Total Gross COUNTRY/Property Name (Metropolitan area) Interest Ownership Year Built Leasable Area (1) Selected Tenants INTERNATIONAL DESIGNER OUTLETS AUSTRIA 1. Parndorf Designer Outlet Vienna Fee 90.0 % 2005 118,000 Adidas, Armani, Bally, Burberry, Calvin Klein, Coach, Dolce & Gabbana, Furla, Geox, Gucci, Guess, Michael Kors, Moncler, Nike, Polo Ralph Lauren, Porsche Design, Prada, Puma, Tommy Hilfiger, Zegna Subtotal Austria 118,000 ITALY 2. La Reggia Designer Outlet (3) Marcianise (Naples) Fee 90.0 % 2010 288,000 Adidas, Armani, Calvin Klein, Coach, Guess, Liu Jo, Michael Kors, Nike, Pinko, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger 3. Noventa Di Piave Designer Outlet Venice Fee 90.0 % 2008 353,000 Adidas, Armani, Bally, Bottega Veneta, Burberry, Calvin Klein, Coach, Dolce & Gabanna, Fendi, Furla, Gucci, Loro Piana, Michael Kors, Nike, Pinko, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Sergio Rossi,Tommy Hilfiger, Valentino, Versace, Zegna Subtotal Italy 641,000 NETHERLANDS 4. Roermond Designer Outlet Phases 2 & 3 Roermond Fee 90.0 % 2005 173,000 Armani, Bally, Burberry, Calvin Klein, Coach, Furla, Gucci, Michael Kors, Moncler, Mulberry, Polo Ralph Lauren, Prada, Swarovski, Tod's, Tommy Hilfiger, UGG, Zegna 5. Roermond Designer Outlet Phase 4 Roermond Fee 46.1 % 2017 125,000 Adidas, Karl Lagerfield, Liu Jo, Longchamp, Tag Heuer, Tom Tailor, Woolrich 6. Designer Outlet Roosendaal Roosendaal Fee 94.0 % 2017 247,500 Adidas, Calvin Klein, Esprit, Guess, Nike, Puma, S. Oliver, Tommy Hilfiger Subtotal Netherlands 545,500 44 UNITED KINGDOM 7. Ashford Designer Outlet Kent Fee 45.0 % 2000 281,000 Adidas, Calvin Klein, Clarks, Fossil, French Connection, Gap, Guess, Kate Spade New York, Nike, Polo Ralph Lauren, Superdry, Tommy Hilfiger Subtotal England 281,000 CANADA 8. Vancouver Designer Outlets Vancouver Ground Lease (2072) 45.0 % 2015 326,000 Adidas, Armani, Burberry, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour Subtotal Canada 326,000 GERMANY 9. Ochtrup Designer Outlets Ochtrup Fee 70.5 % 2016 191,500 Adidas, Calvin Klein, Guess, Lindt, Nike, Puma, Samsonite, Schiesser, Seidensticker, Steiff, Tom Tailor, Vero Moda Subtotal Germany 191,500 FRANCE 10. Provence Designer Outlet Miramas Fee 90.0 % 2017 269,000 Armani, Calvin Klein, Guess, Michael Kors, Nike, Polo Ralph Lauren, Puma, Prada, Timberland, Tommy Hilfiger Subtotal France 269,000 SPAIN 11. Málaga Designer Outlet Málaga Fee 46.1 % 2020 191,000 Adidas, Armani, Burberry, Calvin Klein, Furla, Guess, Polo Ralph Lauren, Prada, Tommy Hilfiger, Under Armour Subtotal Spain 191,000 Total International Designer Outlets 2,563,000

FOOTNOTES: (1) All gross leasable area listed in square feet. (2) Property completed an expansion in 2020. (3) Property is undergoing an expansion.

Land We have direct or indirect ownership interests in approximately 186 acres of land held in the United States and Canada for future development. Sustainability At Simon, we define and implement sustainability and ESG initiatives into all aspects of our business; from how we plan, develop, and operate our properties, to how we do business with our customers, engage with our communities, and create a healthy, safe, productive, and positive work environment for our employees. Our sustainability framework focuses on four key areas: Customers, Communities, Environment, and Employees. The health and safety of all who work in and visit our properties has and continues to be our top priority, and in 2020, our Sustainability office enrolled and successfully achieved the International WELL Building Institute’s (IWBI) third party verified WELL Health-Safety Rating for Facility Operations and Management for over 200 properties in our portfolio. This rating was earned primarily as a result of our first in class emergency management programs, and the implementation of Simon’s rigorous COVID-19 exposure mitigation protocols. Simon will continue to go above and beyond to ensure that all occupants in our centers can feel confident that Simon is working hard to protect them. To learn more about our Health- Safety efforts and rating visit: www.simon.com/health. Since 2003, we have measured our environmental impact and leveraged sustainability to reduce this impact while achieving cost efficiencies in our operations by implementing a range of energy management practices, and continuous energy monitoring and reporting. As a result, we have reduced our energy consumption every year since 2003. In this period, excluding new developments, we have reduced the energy usage over which we have direct control, by 354 million kWh, representing a 33% reduction across a portfolio of comparable properties. In recent years, we have ramped up these efforts, and from 2013-2019 have achieved an energy use reduction of 182 million kWh, representing a 20% reduction in a six-year period, accounting for 51% of total reductions achieved since 2003. Our reduction in greenhouse gas emissions resulting from our energy management efforts since 2003 is 312,067 metric tons of CO2e. This figure represents a reduction of 54% and includes emission streams scope 1 and scope 2. Enhanced efforts from 2013-2019 have resulted in emissions reduction of 125,457 metric tons of CO2e. This represents a 32% reduction in a six-year period, accounting for 40% of total reductions achieved since 2003. Additional emission streams, such as scope 3 emissions generated from tenants’ plug-load consumptions, are included in Simon’s annual sustainability report published in accordance with the guidelines of the Global Reporting Initiatives (GRI), the most widely used international standard for sustainability reporting. We are also focused on reducing our water usage, and in 2019, achieved a reduction of 5.4% in water use. We have reduced water consumption by 1.5 million gallons, representing an 18% reduction since 2015, and are on track to meet our 2025 20% reduction target ahead of time. In 2020, Simon announced new 2035 emissions targets approved by the Science Based Target Initiative (SBTi). Our commitment is to reduce scope 1 and scope 2 emissions by 68% (2019 baseline), and scope 3, including tenant emissions by 21% (2018 baseline). We have also aligned our climate-related risk disclosure with the recommendations made by the Task Force on Climate Related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB). To learn more and access the full report visit: investors.simon.com/sustainability. Simon’s sustainability performance has been recognized by international organizations. In 2020, Simon participated in CDP’s annual climate change questionnaire and received an A score, earning a prestigious place on CDP’s climate change ‘A List’ that represents results achieved by only 270 of the 5,800+ (<5%) reporting organizations globally. Simon was also awarded a Green Star ranking - the designation awarded for leadership in sustainability performance by the Global Real Estate Sustainability Benchmark (GRESB).

Mortgages and Unsecured Debt The following table sets forth certain information regarding the mortgages encumbering our properties, and the properties held by our domestic and international joint venture arrangements, and also our unsecured corporate debt, excluding TRG. Substantially all of the mortgage and property related debt is nonrecourse to us.

45 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands)

Interest Face Annual Debt Maturity Property Name Rate Amount Service (1) Date

Consolidated Indebtedness: Secured Indebtedness: Arizona Mills 5.76 % $ 145,874 $ 12,247 07/01/21 Battlefield Mall 3.95 % 112,707 6,908 09/01/22 Birch Run Premium Outlets 4.21 % 123,000 5,263 (2) 02/06/26 Calhoun Outlet Marketplace 4.17 % 17,941 (19) 1,140 06/01/26 Carolina Premium Outlets 3.36 % 41,757 2,672 12/01/22 Domain, The 5.44 % 176,533 14,066 08/01/21 Ellenton Premium Outlets 4.30 % 178,000 7,779 (2) 12/01/25 Empire Mall 4.31 % 183,782 11,290 12/01/25 Florida Keys Outlet Marketplace 4.17 % 17,001 720 (2) 12/01/25 Gaffney Outlet Marketplace 4.17 % 28,981 (19) 1,839 06/01/26 Grand Prairie Premium Outlets 3.66 % 109,122 6,588 04/01/23 Grove City Premium Outlets 4.31 % 140,000 6,133 (2) 12/01/25 Gulfport Premium Outlets 4.35 % 50,000 2,211 (2) 12/01/25 Gurnee Mills 3.99 % 253,708 16,156 (2) 10/01/26 Hagerstown Premium Outlets 4.26 % 73,314 4,548 02/06/26 Ingram Park Mall 5.38 % 122,251 9,732 06/01/21 La Reggia Designer Outlet Phases 1 & 2 2.25 % (25) 159,432 (30) 7,889 02/15/22 Lee Premium Outlets 4.17 % 49,504 (19) 3,331 06/01/26 Merrimack Premium Outlets 3.78 % 116,398 7,238 07/01/23 Midland Park Mall 4.35 % 71,822 5,072 09/06/22 Mills at Jersey Gardens, The 3.38 % (1) 355,000 14,111 (2) 11/09/25 (3) Montgomery Mall 4.57 % 100,000 4,646 (2) 05/01/24 Noventa Di Piave Designer Outlet Phases 1, 2, 3, 4 1.95 % 343,042 (30) 6,130 (2) 07/25/25 Opry Mills 4.09 % 375,000 15,601 (2) 07/01/26 Outlets at Orange, The 4.22 % 215,000 9,218 (2) 04/01/24 Oxford Valley Mall 4.77 % 32,779 (8) 4,310 12/07/20 Parndorf Designer Outlet 2.00 % 226,896 (30) 4,268 (2) 07/04/29 Penn Square Mall 3.84 % 310,000 12,109 (2) 01/01/26 Phipps Plaza Hotel 1.89 % (1) 25,000 603 (2) 10/25/26 Pismo Beach Premium Outlets 3.33 % 34,329 (20) 1,423 09/06/26 Plaza Carolina 1.24 % (1) 225,000 3,925 (2) 07/27/21 Pleasant Prairie Premium Outlets 4.00 % 145,000 5,889 (2) 09/01/27 Potomac Mills 3.46 % 416,000 14,623 (2) 11/01/26 Provence Designer Outlet 1.60 % (33) 100,445 (30) 1,756 (2) 07/27/22 (3) Puerto Rico Premium Outlets 1.24 % (1) 160,000 2,816 (2) 07/26/21 Queenstown Premium Outlets 3.33 % 60,308 (20) 2,494 09/06/26 Roermond Designer Outlet 1.78 % 282,085 (30) 4,847 (2) 12/18/21 Roosendaal Designer Outlets 1.75 % (24) 72,342 (30) 2,692 02/25/24 (3) Shops at Chestnut Hill, The 4.69 % 120,000 5,718 (2) 11/01/23 Shops at Riverside, The 3.37 % 130,000 4,455 (2) 02/01/23 Southdale Center 3.84 % 138,131 8,703 04/01/23 3.85 % 112,087 6,802 06/06/23

46 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands)

Interest Face Annual Debt Maturity Property Name Rate Amount Service (1) Date

Summit Mall 3.31 % 85,000 2,864 (2) 10/01/26 The Crossings Premium Outlets 3.41 % 103,304 6,123 12/01/22 4.76 % 180,376 9,968 05/01/22 University Park Village 3.85 % 54,425 2,685 05/01/28 White Oaks Mall 2.89 % (28) 46,915 2,261 06/01/24 (3) Williamsburg Premium Outlets 4.23 % 185,000 7,954 (2) 02/06/26 Wolfchase Galleria 4.15 % 155,152 7,563 (2) 11/01/26 Total Consolidated Secured Indebtedness $ 6,959,743 Unsecured Indebtedness: Simon Property Group, L.P. Global Commercial Paper - USD 0.29 % (16) 623,020 1,779 (2) 02/19/21 Revolving Credit Facility - USD 0.84 % (15) 125,000 1,050 (2) 06/30/25 (3) Term Facility - USD 0.85 % (15) 2,000,000 (35) 17,000 (2) 06/30/23 (3) Unsecured Notes - 22C 6.75 % 600,000 40,500 (14) 02/01/40 Unsecured Notes - 25C 4.75 % 550,000 26,125 (14) 03/15/42 Unsecured Notes - 26B 2.75 % 500,000 13,750 (14) 02/01/23 Unsecured Notes - 27B 3.75 % 600,000 22,500 (14) 02/01/24 Unsecured Notes - 28A 3.38 % 900,000 30,375 (14) 10/01/24 Unsecured Notes - 28B 4.25 % 400,000 17,000 (14) 10/01/44 Unsecured Notes - 29B 3.50 % 1,100,000 38,500 (14) 09/01/25 Unsecured Notes - 30A 2.50 % 550,000 (35) 13,750 (14) 07/15/21 Unsecured Notes - 30B 3.30 % 800,000 26,400 (14) 01/15/26 Unsecured Notes - 31A 2.35 % 550,000 12,925 (14) 01/30/22 Unsecured Notes - 31B 3.25 % 750,000 24,375 (14) 11/30/26 Unsecured Notes - 31C 4.25 % 550,000 23,375 (14) 11/30/46 Unsecured Notes - 32A 2.63 % 600,000 15,750 (14) 06/15/22 Unsecured Notes - 32B 3.38 % 750,000 25,313 (14) 06/15/27 Unsecured Notes - 33A 2.75 % 600,000 16,500 (14) 06/01/23 Unsecured Notes - 33B 3.38 % 750,000 25,313 (14) 12/01/27 Unsecured Notes - 34A 2.00 % 1,000,000 20,000 (14) 09/13/24 Unsecured Notes - 34B 2.45 % 1,250,000 30,625 (14) 09/13/29 Unsecured Notes - 34C 3.25 % 1,250,000 40,625 (14) 09/13/49 Unsecured Notes - 35A 2.65 % 750,000 19,875 (14) 07/15/30 Unsecured Notes - 35B 3.80 % 750,000 28,500 (14) 07/15/50 Unsecured Notes - Euro 2 1.38 % 919,850 (13) 12,648 (6) 11/18/22 Unsecured Notes - Euro 3 1.25 % 613,232 (10) 7,665 (6) 05/13/25 Total Consolidated Unsecured Indebtedness $ 19,831,102 Total Consolidated Indebtedness at Face Amounts $ 26,790,845 Premium on Indebtedness 35,077 Discount on Indebtedness (54,199) Debt Issuance Costs (113,132) Other Debt Obligations 64,770 (18) Total Consolidated Indebtedness $ 26,723,361 Our Share of Consolidated Indebtedness $ 26,542,123

47 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands)

Interest Face Annual Debt Maturity Property Name Rate Amount Service (1) Date

Joint Venture Indebtedness: Secured Indebtedness: Ami Premium Outlets 1.64 % $ 35,097 (26) $ 8,882 09/25/23 Arundel Mills 4.29 % 383,500 16,717 (2) 02/06/24 Ashford Designer Outlet 3.08 % (27) 136,504 (21) 4,210 (2) 02/22/22 Aventura Mall 4.12 % 1,750,000 73,324 (2) 07/01/28 Avenues, The 3.60 % 110,000 4,026 (2) 02/06/23 Briarwood Mall 3.29 % 165,000 5,522 (2) 09/01/26 Busan Premium Outlets 3.04 % 100,274 (17) 2,855 (2) 06/20/23 Cape Cod Mall 5.75 % 84,739 6,995 03/06/21 Charlotte Premium Outlets 4.27 % 100,000 4,297 (2) 07/01/28 Circle Centre 2.89 % (1) 63,500 2,696 12/06/24 (3) Clarksburg Premium Outlets 3.95 % 160,000 6,325 (2) 01/01/28 Coconut Point 3.95 % 182,775 10,812 10/01/26 Colorado Mills - 1 4.28 % 128,913 8,050 11/01/24 Colorado Mills - 2 5.04 % 25,083 1,811 07/01/21 Concord Mills 3.84 % 235,000 9,165 (2) 11/01/22 Crystal Mall 4.46 % 84,074 5,743 06/06/22 Dadeland Mall 4.50 % 392,014 26,975 12/05/21 Dadeland Mall Hotel 2.49 % (1) 15,101 377 (2) 07/01/23 Del Amo Fashion Center 3.66 % 585,000 21,753 (2) 06/01/27 Domain Westin 4.12 % 63,663 3,721 09/01/25 5.57 % 81,426 7,497 08/06/21 Mall 4.71 % 99,568 5,538 08/11/22 Falls, The 3.45 % 150,000 5,261 (2) 09/01/26 Fashion Centre Pentagon Office 5.11 % 40,000 2,077 (2) 07/01/21 Fashion Centre Pentagon Retail 4.87 % 410,000 20,289 (2) 07/01/21 Fashion Valley 4.30 % (34) 411,565 28,171 02/01/21 Florida Mall, The 5.25 % 305,474 24,502 03/05/21 Galleria, The 3.55 % 1,200,000 43,308 (2) 03/01/25 Genting Highland Premium Outlets 3.96 % (7) 25,311 (9) 1,125 (2) 02/14/24 Gloucester Premium Outlets 1.64 % (1) 86,000 1,855 (2) 03/01/23 (3) Gotemba Premium Outlets 0.16 % 126,010 (26) 235 (2) 04/08/27 Grapevine Mills 3.83 % 268,000 10,443 (2) 10/01/24 Hamilton Town Center 4.81 % 76,227 5,287 04/01/22 Katy Mills 3.49 % 140,000 4,967 (2) 12/06/22 Kobe-Sanda Premium Outlets 0.34 % (12) 8,725 (26) 42 (2) 01/31/23 4.06 % 189,147 11,523 11/01/27 3.41 % 29,445 1,765 05/06/23 Malaga Designer Outlet 2.75 % (22) 61,744 1,737 (2) 02/09/23 Mall at Rockingham Park, The 4.04 % 262,000 10,761 (2) 06/01/26 Mall at Tuttle Crossing, The 3.56 % 114,814 5,685 05/01/23 Mall of New Hampshire, The 4.11 % 150,000 6,265 (2) 07/01/25

48 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands)

Interest Face Annual Debt Maturity Property Name Rate Amount Service (1) Date

Meadowood Mall 5.82 % 107,751 8,809 11/06/21 Miami International Mall 4.42 % 160,000 7,190 (2) 02/06/24 Northshore Mall 3.30 % 230,163 14,177 07/05/23 Ochtrup Designer Outlet 2.49 % (27) 46,262 (30) 1,871 06/30/21 Ontario Mills 4.25 % 289,141 20,328 03/05/22 Paju Premium Outlets 3.36 % 69,915 (17) 4,556 07/13/23 Premium Outlet Collection Edmonton IA 1.76 % (4) 106,105 (5) 2,202 (2) 11/10/21 Premium Outlets Montréal 3.08 % 94,177 (5) 2,537 (2) 06/01/24 Quaker Bridge Mall 4.50 % 180,000 8,235 (2) 05/01/26 Querétaro Premium Outlets - Fixed 9.98 % 22,469 (32) 2,243 (3) 12/20/33 Querétaro Premium Outlets - Variable 8.49 % 5,581 (32) 474 (2) 12/20/21 Rinku Premium Outlets - Fixed 0.30 % 57,189 (26) 172,551 (2) 07/31/27 Rinku Premium Outlets - Variable 0.34 % (12) 9,693 (26) 32,604 (2) 07/31/22 Roermond 4 Designer Outlet 1.30 % (23) 206,046 (30) 2,834 (2) 08/17/25 Roosevelt Field Hotel 3.24 % (1) 28,270 516 (2) 01/12/23 Round Rock Plaza Residential 2.14 % (1) 29,462 50 (2) 01/24/24 Sano Premium Outlets 0.28 % 44,103 (26) 126 (2) 02/28/25 Sawgrass Mills Hotel 5.27 % (2) 20,033 1,056 (1) 06/07/24 Shisui Premium Outlets Phase 1 0.32 % (12) 27,141 (26) 246 (2) 05/31/23 Shisui Premium Outlets Phase 2 0.35 % 48,465 (26) 167 (2) 04/08/25 Shisui Premium Outlets Phase 3 0.32 % (12) 25,202 (26) 81 (2) 11/30/23 Shops at Clearfork, The 2.81 % (1) 145,000 3,940 (2) 03/11/30 (3) Shops at Crystals, The 3.74 % 550,000 20,935 (2) 07/01/26 Shops at Mission Viejo, The 3.61 % 295,000 10,827 (2) 02/01/23 Siam Premium Outlets Bangkok 3.95 % 81,008 (11) 1,496 (2) 06/05/31 Siheung Premium Outlets 3.28 % 137,990 (17) 4,176 (2) 03/15/23 Silver Sands Premium Outlets 3.93 % 100,000 2,948 (2) 06/01/22 Smith Haven Mall 2.64 % (1) 171,750 12,619 01/30/21 Solomon Pond Mall 4.01 % 93,308 5,464 11/01/22 Southdale Hotel 2.14 % 17,000 473 (2) 06/01/22 Southdale Residential 4.46 % 38,012 2,457 10/15/35 Springfield Mall 4.45 % 59,485 3,680 10/06/25 5.47 % 86,064 6,451 01/06/22 St. Johns Town Center 3.82 % 350,000 13,589 (2) 09/11/24 St. Louis Premium Outlets 4.06 % 93,138 5,478 10/06/24 Stoneridge Shopping Center 3.50 % 330,000 11,550 (2) 09/05/26 Tanger Outlets Columbus 1.99 % (1) 71,000 1,864 (2) 11/28/22 Tanger Outlets - Galveston/Houston 1.79 % (1) 80,000 1,757 (2) 07/01/22 (3) Toki Premium Outlets - Fixed 0.21 % 25,687 (26) 48 (2) 11/30/24 Toki Premium Outlets - Variable 0.29 % (12) 3,392 (26) 3,392 (2) 11/30/24 Toronto Premium Outlets 3.11 % 133,420 (5) 4,144 (2) 06/01/22 Toronto Premium Outlets II 1.66 % (4) 90,824 (5) 1,508 (2) 05/24/22 (3) Tosu Premium Outlets 0.17 % (12) 71,242 (26) 140 (2) 10/31/26 Twin Cities Premium Outlets 4.32 % 115,000 5,051 (2) 11/06/24

49 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands)

Interest Face Annual Debt Maturity Property Name Rate Amount Service (1) Date

Vancouver Designer Outlet 2.01 % (4) 125,849 (5) 3,103 (2) 02/18/21 West Midlands Designer Outlets 3.68 % 42,042 (16) 1,545 (1) 02/27/23 West Town Mall 4.37 % 206,957 12,305 07/01/22 Westchester, The 3.25 % 400,000 14,288 (2) 02/01/30 Woodfield Mall 4.50 % 397,944 25,526 03/05/24 Yeoju Premium Outlets 3.41 % 67,152 (17) 2,078 (2) 03/06/23 Total Joint Venture Secured Indebtedness at Face Value 15,221,125 TMLP Indebtedness at Face Value 378,845 (29) Total Joint Venture and TMLP Indebtedness at Face Value 15,599,970 Debt Issuance Costs (30,485) Total Joint Venture Indebtedness $ 15,569,485 Our Share of Joint Venture Indebtedness $ 7,159,202 (31)

(1) Variable rate loans based on one-month (1M) LIBOR plus interest rate spreads ranging from 77.5 bps to 324 bps. 1M LIBOR as of December 31, 2020 was 0.14%.

(2) Requires monthly payment of interest only.

(3) Includes applicable extension available at the Applicable Borrower's option.

(4) Variable rate loans based on 1M CDOR plus interest rate spreads ranging from 120 bps to 155 bps. 1M CDOR at December 31, 2020 was 0.46%.

(5) Amount shown in USD equivalent. CAD equivalent is 701.3 million.

(6) Requires annual payment of interest only.

(7) Variable rate loans based on Cost of Fund plus interest rate spreads of 175 bps. Cost of Fund as of December 31, 2020 was 2.21%.

(8) Mortgage is outstanding as of 12/31/2020, the single purpose entity borrower and the lender are currently working together to extend the maturity date of this non-recourse loan.

(9) Amount shown in USD equivalent. Ringgit equivalent is 102.0 million.

(10) Amount shown in USD equivalent. Euro equivalent is 500.0 million.

(11) Amount shown in USD equivalent. Baht equivalent is 2.4 billion.

(12) Variable rate loans based on six-month (6M) TIBOR plus interest rate spreads ranging from 17.5 bps to 35 bps. As of December 31, 2020, 6M TIBOR was 0.14%.

(13) Amount shown in USD equivalent. Euro equivalent is 750.0 million.

(14) Requires semi-annual payments of interest only.

(15) Credit Facilities. As of December 31, 2020, the Credit Facilities bear interest at a spread of LIBOR plus an interest rate spread of 0 bps to 160 bps or LIBOR plus 77.5 bps. The Credit Facilities provide for different pricing based upon our investment grade rating. As of December 31, 2020, $6.7 billion was available after outstanding borrowings and letters of credit under our Credit Facilities.

(16) Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of commercial paper at December 31, 2020.

(17) Amount shown in USD equivalent. Won equivalent is 408.0 billion.

(18) City of Sunrise Bond Liability (Sawgrass Mills).

50 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands)

(19) Loans secured by these three properties are cross-collateralized and cross-defaulted.

(20) Loans secured by these two properties are cross-collateralized and cross-defaulted.

(21) Amount shown in USD equivalent. GBP equivalent is 100.0 million.

(22) Variable rate loan based on three-month (3M) EURIBOR, which is subject to a floor of 0.00%, plus an interest rate spread of 275 bps.

(23) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 130 bps. Through an interest rate floor agreement, 3M EURIBOR is currently fixed at 0.00%. Also, 3M EURIBOR is capped at 1.30%.

(24) Variable rate loan based on one-month (1M) EURIBOR, which is subject to a floor of 0.00%, plus an interest rate spread of 175 bps.

(25) Variable rate loan based on 3M EURIBOR plus an interest rate spread from 250 bps to 275 bps. Through an interest rate floor agreement, 3M EURIBOR is currently fixed at 0.00%.

(26) Amount shown in USD equivalent. Yen equivalent is 49.7 billion

(27) Associated with this loan is an interest rate swap agreement that effectively fixes the interest rate on this loan at the all-in rate presented.

(28) Variable rate loan based on 1M LIBOR plus an interest rate spread of 275 bps. In addition, 1M LIBOR is capped at 5.00%.

(29) Consists of two properties with interest rates ranging from 5.65% to 7.32% and maturities between 2021 and 2024.

(30) Amount shown in USD equivalent. Euro equivalent is 1.2 billion.

(31) Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including properties owned by The Mills Limited Partnership. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $219.2 million of payment guarantees provided by the Operating Partnership.

(32) Amount shown in USD equivalent. Peso equivalent is 557.9 million.

(33) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 160 bps. Through an interest rate floor agreement, 3M EURIBOR is currently fixed at 0.00%. In addition, 3M EURIBOR is capped at 1.00%.

(34) Subsequent to December 31, 2020, this mortgage was refinanced to $415 million, with a maturity date of February 1, 2024, and an interest rate of 3.75%.

(35) On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further on February 2, 2021, the Operating Partnership repaid $750 million under the Term Facility.

51 Mortgage and Unsecured Debt As of December 31, 2020 (Dollars in thousands) The changes in consolidated mortgages and unsecured indebtedness for the years ended December 31, 2020, 2019 and 2018 are as follows:

2020 2019 2018 Balance, Beginning of Year $ 24,163,230 $ 23,305,535 $ 24,632,463 Additions during period: New Loan Originations 15,269,455 13,355,809 7,980,569 Loans assumed in acquisitions and consolidation — 21,001 215,000 Net (Discount)/Premium 28,906 (16,903) 301 Net Debt Issuance Costs (34,595) (23,505) (6,885) Deductions during period: Loan Retirements (12,932,448) (12,366,951) (9,340,861) Amortization of Net Discounts/(Premiums) 174 (758) 1,618 Debt Issuance Cost Amortization 23,076 18,400 21,444 Scheduled Principal Amortization (51,728) (58,419) (54,624) Foreign Currency Translation 257,291 (70,979) (143,490) Balance, Close of Year $ 26,723,361 $ 24,163,230 $ 23,305,535

52 Item 3. Legal Proceedings We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that our current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable, and the amount can be reasonably estimated.

Item 4. Mine Safety Disclosures Not applicable.

53 Part II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Simon Market Information Simon’s common stock trades on the New York Stock Exchange under the symbol “SPG”.

Holders The number of holders of record of common stock outstanding was 1,140 as of January 31, 2021. The Class B common stock is subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders.

Dividends We must pay a minimum amount of dividends to maintain Simon’s status as a REIT. Simon’s future dividends and future distributions of the Operating Partnership will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT. Common stock cash dividends paid during 2020 aggregated $4.70 per share. Common stock cash dividends during 2019 aggregated $8.30 per share. On December 15, 2020, Simon’s Board of Directors declared a quarterly cash dividend for the fourth quarter of 2020 of $1.30 per share, payable on January 22, 2021 to shareholders of record on December 24, 2020. We offer a dividend reinvestment plan that allows Simon’s stockholders to acquire additional shares by automatically reinvesting cash dividends. Shares are acquired pursuant to the plan at a price equal to the prevailing market price of such shares, without payment of any brokerage commission or service charge.

Unregistered Sales of Equity Securities During the quarter ended December 31, 2020, Simon issued 98,290 shares of common stock to 20 limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. The issuance of shares of common stock was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

Issuances Under Equity Compensation Plans For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this Annual Report on Form 10-K.

Issuer Purchases of Equity Securities

None.

The Operating Partnership

Market Information There is no established trading market for units or preferred units.

Holders The number of holders of record of units was 222 as of January 31, 2021.

54 Distributions The Operating Partnership makes distributions on its units in amounts sufficient to maintain Simon's qualification as a REIT. Simon is required each year to distribute to its stockholders at least 90% of its REIT taxable income after certain adjustments. Future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the distributions that may be required to maintain Simon's status as a REIT. Distributions during 2020 aggregated $4.70 per unit. Distributions during 2019 aggregated $8.30 per unit. On December 15, 2020, Simon’s Board of Directors declared a quarterly cash distribution for the fourth quarter of 2020 of $1.30 per unit, payable on January 22, 2021 to unitholders of record on December 24, 2020. The distribution rate on the Operating Partnership’s units is equal to the dividend rate on Simon’s common stock.

Unregistered Sales of Equity Securities During the quarter ended December 31, 2020, the Operating Partnership issued 955,705 units in connection with the acquisition of an 80% ownership interest in TRG.

Issuer Purchases of Equity Securities None.

55 Item 6. Selected Financial Data The following tables set forth selected financial data. The selected financial data should be read in conjunction with the financial statements and notes thereto and with Management’s Discussion and Analysis of Financial Condition and Results of Operations. Other data we believe is important in understanding trends in our business is also included in the tables.

As of or for the Year Ended December 31 2020 2019 (1) 2018 2017 (2) 2016 (3) (in thousands, except per share data) OPERATING DATA: Total consolidated revenue (4) $ 4,607,503 $ 5,755,189 $ 5,645,288 $ 5,527,336 $ 5,427,910 Consolidated net income 1,277,324 2,423,188 2,822,343 2,244,903 2,134,706 Net income attributable to common stockholders - SPG Inc. 1,109,227 2,098,247 2,436,721 1,944,625 1,835,559 Net income attributable to unitholders - SPG L.P. 1,276,450 2,416,945 2,805,764 2,239,638 2,122,236 BASIC AND DILUTED EARNINGS PER SHARE/UNIT: Simon Property Group, Inc. Net income attributable to common stockholders $ 3.59 $ 6.81 $ 7.87 $ 6.24 $ 5.87 Basic weighted average shares outstanding 308,738 307,950 309,627 311,517 312,691 Diluted weighted average shares outstanding 308,738 307,950 309,627 311,517 312,691 Dividends per share (5) $ 6.00 $ 8.30 $ 7.90 $ 7.15 $ 6.50 Simon Property Group, L.P. Net income attributable to unitholders $ 3.59 $ 6.81 $ 7.87 $ 6.24 $ 5.87 Basic weighted average units outstanding 355,282 354,724 356,520 358,777 361,527 Diluted weighted average units outstanding 355,282 354,724 356,520 358,777 361,527 Distributions per unit (5) $ 6.00 $ 8.30 $ 7.90 $ 7.15 $ 6.50 BALANCE SHEET DATA: Cash and cash equivalents $ 1,011,613 $ 669,373 $ 514,335 $ 1,482,309 $ 560,059 Total assets (6) 34,786,846 31,231,630 30,686,223 32,257,638 31,103,578 Mortgages and other indebtedness 26,723,361 24,163,230 23,305,535 24,632,463 22,977,104 Total equity 3,472,346 2,911,250 3,796,956 4,238,764 4,959,912 OTHER DATA: Cash flow provided by (used in): Operating activities $ 2,326,698 $ 3,807,831 $ 3,750,796 $ 3,593,788 $ 3,372,694 Investing activities (3,978,398) (1,076,707) (236,506) (761,467) (969,026) Financing activities 1,993,940 (2,576,086) (4,482,264) (1,910,071) (2,544,743) Simon Property Group, Inc. Funds from Operations (FFO) (7) $ 3,236,963 $ 4,272,271 $ 4,324,601 $ 4,020,505 $ 3,792,951 Dilutive FFO allocable to common stockholders $ 2,812,900 $ 3,708,929 $ 3,755,784 $ 3,490,910 $ 3,280,590 Diluted FFO per share $ 9.11 $ 12.04 $ 12.13 $ 11.21 $ 10.49 Simon Property Group, L.P. Funds from Operations (FFO) (7) $ 3,236,963 $ 4,272,271 $ 4,324,601 $ 4,020,505 $ 3,792,951

(1) During the year ended December 31, 2019, we recorded a $116.3 million loss on extinguishment of debt associated with the early redemption of a series of senior unsecured notes, reducing diluted earnings per share/unit and diluted FFO per share by $0.33.

(2) During the year ended December 31, 2017, we recorded a $128.6 million loss on extinguishment of debt associated with the early redemption of a series of senior unsecured notes, reducing diluted earnings per share/unit and diluted FFO per share by $0.36.

56 (3) During the year ended December 31, 2016, we recorded a $136.8 million loss on extinguishment of debt associated with the early redemption of a series of unsecured senior notes, reducing diluted earnings per share/unit and diluted FFO per share by $0.38.

(4) Total consolidated revenue for the years ended December 31, 2018, 2017, and 2016 has been reclassified to conform to the current year presentation.

(5) Represents dividends per share of Simon common stock/distributions per unit of Operating Partnership units declared per period.

(6) On January 1, 2019, we recognized a right of use asset and corresponding lease liability of $524.0 million as a result of the adoption of ASU 2016-02.

(7) FFO is a non-GAAP financial measure that we believe provides useful information to investors. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a definition and reconciliation of FFO to consolidated net income and, for Simon, FFO per share to net income per share.

57 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto that are included in this Annual Report on Form 10-K.

Overview Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. In this discussion, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2020, we owned or held an interest in 203 income-producing properties in the United States, which consisted of 99 malls, 69 Premium Outlets, 14 Mills, four lifestyle centers, and 17 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at several properties in the United States, Canada, Europe and Asia. Internationally, as of December 31, 2020, we had ownership in 31 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. We also have four international outlet properties under development. As of December 31, 2020, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 15 countries in Europe. We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from:

• fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and

• variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth through the following:

• attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses,

• expanding and re-tenanting existing highly productive locations at competitive rental rates,

• selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets,

• generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, and

• selling selective non-core assets. We also grow by generating supplemental revenues from the following activities: • establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, • offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,

58 • selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and

• generating interest income on cash deposits and investments in loans, including those made to related entities. We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail outlet properties.

We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk. To support our growth, we employ a three-fold capital strategy:

• provide the capital necessary to fund growth,

• maintain sufficient flexibility to access capital in many forms, both public and private, and

• manage our overall financial structure in a fashion that preserves our investment grade credit ratings. We consider FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measure are included below in this discussion. COVID-19 On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has already had a significant negative impact on economic and market conditions around the world in 2020, and, notwithstanding the fact that vaccines have started to be administered in the United States and elsewhere, the pandemic continues to adversely impact economic activity in real estate. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, capacity limitations and social distancing measures. Governments and other authorities are in varying stages of lifting or modifying some of these measures, however certain governments and other authorities have already been forced to, and others may in the future, reinstate these measures or impose new, more restrictive measures, if the risks, or the tenants’ and consumers’ perception of the risks, related to the COVID-19 pandemic worsen at any time. Although tenants and consumers have been adapting to the COVID-19 pandemic, with tenants adding services like curbside pickup, and while consumer risk-tolerance is evolving, such adaptations and evolution may take time, and there is no guarantee that retail will return to pre-pandemic levels even once the pandemic subsides. As a result of the COVID-19 pandemic and these measures, the Company may experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties. Due to certain restrictive governmental orders placed on us, our domestic portfolio lost approximately 13,500 shopping days during the year. As of October 7, 2020, all of our domestic properties and certain of our retailer investments had reopened, but we do not have certainty that additional closures in the future will not be required. As we developed and implemented our response to the impact of the COVID-19 pandemic and restriction intended to prevent its spread on our business, our primary focus has been on the health and safety of our employees, our shoppers and the communities in which we serve. We implemented a series of actions to reduce costs and increase liquidity in light of the economic impacts of the pandemic, including:

• significantly reduced all non-essential corporate spending,

• significantly reduced property operating expenses, including discretionary marketing spend,

59 • implemented a temporary furlough of certain corporate and field employees due to the closure of the Company’s U.S. properties as a result of restrictive governmental orders; reduced certain corporate and field personnel and implemented a temporary freeze on company hiring efforts, and

• suspended more than $1.0 billion of redevelopment and new development projects.

Results Overview Diluted earnings per share and diluted earnings per unit decreased $3.22 during 2020 to $3.59 as compared to $6.81 in 2019. The decrease in diluted earnings per share and diluted earnings per unit was primarily attributable to:

• a lawsuit settled with our former insurance broker in 2019 related to the significant flood damage sustained at Opry Mills in May 2010 of $68.0 million, or $0.19 per diluted share/unit,

• a gain in 2019 related to the disposition of our interest in a multi-family residential investment of $16.2 million, or $0.05 per diluted share/unit,

• decreased consolidated lease income of $941.4 million, or $2.65 per diluted share/unit, comprised of decreased fixed lease income of $422.0 million and decreased variable lease income of $519.4 million, which was primarily due to COVID-19 disruption,

• decreased other income, excluding the two aforementioned 2019 transactions, of $106.1 million, or $0.30 per diluted share/unit, primarily related to decreased Simon Brand Ventures and gift card revenues due to COVID- 19 disruption,

• a net loss in 2020 of $115.0 million, or $0.32 per diluted share/unit, primarily related to impairment charges in 2020 related to Klépierre, our investment in HBS, one consolidated property, and three joint venture properties, partially offset by gains from disposition activity in 2020, of $14.9 million, or $0.04 per diluted share/unit which was lower than 2019 net gains,

• decreased income from unconsolidated entities of $224.5 million, or $0.63 per diluted share/unit, primarily due to unfavorable domestic and international operations and year-over-year operations from retailer investments of $7.5 million, or $0.02 per diluted share/unit, all of which were impacted by COVID-19 disruption, and

• an unrealized unfavorable change in fair value of equity instruments of $11.4 million, or $0.03 per diluted share/unit, partially offset by

• decreased consolidated total operating expenses of $211.7 million, or $0.60 per diluted share/unit, which was primarily related to cost reduction efforts as a result of the COVID-19 disruption,

• a charge on early extinguishment of debt of $116.3 million, or $0.33 per diluted share/unit, in 2019, and

• decreased tax expense of $34.7 million, or $0.10 per diluted share/unit. Portfolio NOI decreased 17.1% in 2020 as compared to 2019. Average base minimum rent for U.S. Malls and Premium Outlets increased 2.2% to $55.80 psf as of December 31, 2020, from $54.59 psf as of December 31, 2019. Leasing spreads in our U.S. Malls and Premium Outlets decreased to an open/close leasing spread (based on total tenant payments — base minimum rent plus common area maintenance) of $4.41 psf ($60.08 openings compared to $64.49 closings) as of December 31, 2020, representing a 6.8% decrease. Ending occupancy for our U.S. Malls and Premium Outlets decreased 3.8% to 91.3% as of December 31, 2020, from 95.1% as of December 31, 2019, primarily due to 2020 tenant bankruptcy activity, partially offset by leasing activity. Our effective overall borrowing rate at December 31, 2020 on our consolidated indebtedness decreased 18 basis points to 2.98% as compared to 3.16% at December 31, 2019. This decrease was primarily due to a decrease in the effective overall borrowing rate on variable rate debt of 130 basis points (1.31% at December 31, 2020 as compared to 2.61% at December 31, 2019) partially offset by an increase in the effective overall borrowing rate on fixed rate debt of four basis points (3.50% at December 31, 2020 as compared to 3.46% at December 31, 2019). The weighted average years to maturity of our consolidated indebtedness was 7.3 years and 7.4 years at December 31, 2020 and 2019, respectively.

60 Our financing activity for the year ended December 31, 2020 included:

• amending and replacing in its entirety the Operating Partnership’s existing $4.0 billion unsecured revolving credit facility, or Credit Facility, by entering into an unsecured credit facility comprised of (i) an amendment and extension of the Credit Facility and (ii) a $2.0 billion delayed-draw term loan facility, or Term Facility,

• borrowing $3.1 billion under the Credit Facility and subsequently repaying $3.1 billion under the Credit Facility,

• borrowing $875.0 million under the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility and Term Facility, the Facilities, and subsequently repaying $875.0 million,

• decreasing our borrowings under the Operating Partnership’s global unsecured commercial paper note program, or the Commercial Paper program, by $704.0 million,

• borrowing $2.0 billion under the Term Facility,

• issuing 22,137,500 shares of common stock in a public offering for $1.6 billion, net of issue costs,

• completing, on July 9, 2020, the issuance by the Operating Partnership of the following senior unsecured notes: $500 million with a fixed interest rate of 3.50%, $750 million with a fixed interest rate 2.65%, and $750 million with a fixed interest rate of 3.80%, with maturity dates of September 2025 (the “2025 Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.50% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities,

• completing, on July 22, 2020, the optional redemption at par of the Operating Partnership’s $500 million 2.50% notes due September 1, 2020, and

• completing, on August 6, 2020, the optional redemption at par of the Operating Partnership’s €375 million 2.375% notes due October 2, 2020. Subsequent Activity On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.75%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of January 2028 and 2031, respectively. On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further on February 2, 2021, the Operating Partnership repaid $750 million under the Term Facility. United States Portfolio Data The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy, and average base minimum rent per square foot. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. For comparative information purposes, we separate the information related to The Mills from our other U.S. operations. We also do not include any information for properties located outside the United States or properties included in TRG.

61 The following table sets forth these key operating statistics for the combined U.S. Malls and Premium Outlets:

• properties that are consolidated in our consolidated financial statements,

• properties we account for under the equity method of accounting as joint ventures, and

• the foregoing two categories of properties on a total portfolio basis.

%/Basis Point %/Basis Point 2020 Change (1) 2019 Change (1) 2018 U.S. Malls and Premium Outlets: Ending Occupancy Consolidated 91.5 % -380 bps 95.3 % -60 bps 95.9 % Unconsolidated 90.9 % -360 bps 94.5 % -130 bps 95.8 % Total Portfolio 91.3 % -380 bps 95.1 % -80 bps 95.9 % Average Base Minimum Rent per Square Foot Consolidated $ 53.98 1.7 % $ 53.06 1.0 % $ 52.51 Unconsolidated $ 60.97 3.8 % $ 58.71 0.2 % $ 58.59 Total Portfolio $ 55.80 2.2 % $ 54.59 0.8 % $ 54.18 The Mills: Ending Occupancy 95.3 % -170 bps 97.0 % -60 bps 97.6 % Average Base Minimum Rent per Square Foot $ 33.77 2.1 % $ 33.09 1.4 % $ 32.63

(1) Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base minimum rent per square foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in ending occupancy.

Total Reported Sales per Square Foot. Given the impact of COVID-19 and the governmental restrictions placed on us, we are not presenting reported retail sales per square foot as we do not believe the trends for the period are indicative of future operating trends.

Current Leasing Activities During 2020, we signed 460 new leases and 1,175 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 6.1 million square feet, of which 4.8 million square feet related to consolidated properties. During 2019, we signed 990 new leases and 1,281 renewal leases with a fixed minimum rent, comprising approximately 7.6 million square feet, of which 5.7 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $53.97 per square foot in 2020 and $56.80 per square foot in 2019 with an average tenant allowance on new leases of $51.01 per square foot and $47.57 per square foot, respectively.

Japan Data The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner.

December 31, %/basis point December 31, %/basis point December 31, 2020 Change 2019 Change 2018 Ending Occupancy 99.5% +0 bps 99.5% -20 bps 99.7% Average Base Minimum Rent per Square Foot ¥ 5,447 3.38% ¥ 5,269 2.19% ¥ 5,156

62 Critical Accounting Policies and Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to use judgment in the application of accounting policies, including making estimates and assumptions. We base our estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. These judgments affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied resulting in a different presentation of our financial statements. From time to time, we reevaluate our estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current information. Below is a discussion of accounting policies that we consider critical in that they may require complex judgment in their application or require estimates about matters that are inherently uncertain. For a summary of our significant accounting policies, see Note 3 of the notes to the consolidated financial statements.

• We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases, when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Our assessment of collectability incorporates available operational performance measures such as sales and the aging of billed amounts as well as other publicly available information with respect to our tenant’s financial condition, liquidity and capital resources, including declines in such conditions due to, or amplified by, the COVID-19 pandemic. When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances including, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumption by the tenant in bankruptcy proceeding of leases at the Company’s properties on substantially similar terms. In the event that we determine accrued receivables are not probable of collection, lease income will be recorded on a cash basis, with the corresponding tenant receivable and straight-line rent receivable charged as a direct write-off against lease income in the period of the change in our collectability determination.

• We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, changes in a property’s operational performance such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over our estimate of its fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine the fair value of the investments are less than their carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than- temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information and whether certain impairments are other-than-temporary. Changes in economic and operating conditions, including changes in the financial condition of our tenants, and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.

• To maintain Simon’s status as a REIT, we must distribute at least 90% of REIT taxable income in any given year and meet certain asset and income tests. We monitor our business and transactions that may potentially impact Simon’s REIT status. In the unlikely event that we fail to maintain Simon’s REIT status, and available relief provisions do not apply, we would be required to pay U.S. federal income taxes at regular corporate income tax rates during the period Simon did not qualify as a REIT. If Simon lost its REIT status, it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless its failure was due

63 to reasonable cause and certain other conditions were met. As a result, failing to maintain REIT status would result in a significant increase in the income tax expense recorded and paid during those periods.

• In the period of a significant acquisition of real estate, we make estimates as part of our valuation of the purchase price of asset acquisitions (including the components of excess investment in joint ventures) to the various components of the acquisition based upon the relative fair value of each component. The most significant components of our real estate valuations are typically the determination of relative fair value to the buildings as-if-vacant, land and market value of in-place leases. In the case of the fair value of buildings and fair value of land and other intangibles, our estimates of the values of these components will affect the amount of depreciation or amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the market value of in-place leases, we make our best estimates of the tenants’ ability to pay rents based upon the tenants’ operating performance at the property, including the competitive position of the property in its market as well as sales psf, rents psf, and overall occupancy cost for the tenants in place at the acquisition date. Our assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases.

Results of Operations In addition to the activity discussed above in the “Results Overview” section, the following acquisitions, dispositions, and openings of consolidated properties affected our consolidated results in the comparative periods:

• During the fourth quarter of 2020, we disposed of one consolidated retail property.

• On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner.

• During the third quarter of 2019, we disposed of two retail properties.

• On September 27, 2018, we opened Denver Premium Outlets, a 330,000 square foot center in Thornton (Denver), Colorado. We own a 100% interest in this center.

• On September 25, 2018, we acquired the remaining 50% interest in the previously unconsolidated in Los Angeles, California from our joint venture partner.

• During 2018, we disposed of two retail properties. In addition to the activities discussed above and in “Results Overview”, the following acquisitions, dispositions, and openings of noncontrolling interests in joint venture properties affected our income from unconsolidated entities in the comparative periods:

• On December 29, 2020, we completed the acquisition of an 80% ownership interest in TRG, which is engaged in the ownership of 24 regional, super-regional, and outlet malls in the U.S. and Asia.

• On December 7, 2020, we and a group of co-investors acquired certain assets and liabilities of J.C. Penney, a department store retailer, out of bankruptcy. Our interest in the venture is 41.67%.

• On June 23, 2020, we opened Siam Premium Outlets, a 264,000 square foot center in Bangkok, Thailand. We own a 50% interest in this center.

• On February 19, 2020 we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. Our interest in each of the retail operations venture and in the licensing venture is 37.5%.

• On February 13, 2020 through our European investee, we opened Malaga Designer Outlets, a 191,000 square foot center in Malaga, Spain. We own a 46% interest in this center.

• In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group, formerly known as Aeropostale and Authentic Brands Groups, LLC, or ABG, respectively.

• On October 16, 2019 we acquired a 45% interest in Rue Gilt Groupe, or RGG, to create a new multi-platform venture dedicated to digital value shopping.

64 • On May 22, 2019, we and our partner opened Premium Outlets Querétaro, a 274,800 square foot center in Santiago de Querétaro, Mexico. We own a 50% interest in this center.

• During the fourth quarter of 2018, our interest in the 41 German department store properties owned through our investment in HBS Global Properties, or HBS, was sold, as further discussed in Note 6 of the notes to the consolidated financial statements.

• During 2018, we contributed our interest in the licensing venture of Aéropostale for additional interests in Authentic Brands Group LLC, or ABG. Our original interest in ABG was 5.4% and is currently 6.8%.

• On May 2, 2018, we and our partner opened Premium Outlet Collection Edmonton International Airport, a 424,000 square foot shopping center in Edmonton (Alberta), Canada. We have a 50% noncontrolling interest in this new center. For the purposes of the following comparisons between the years ended December 31, 2020 and 2019 and the years ended December 31, 2019 and 2018, the above transactions are referred to as the property transactions. In the following discussions of our results of operations, “comparable” refers to properties we owned and operated in both years in the year to year comparisons.

Year Ended December 31, 2020 vs. Year Ended December 31, 2019 Lease income decreased $941.4 million, of which the property transactions accounted for $3.9 million of the decrease. Comparable lease income decreased $937.5 million, or 17.9%. Total lease income decreased primarily due to decreases in fixed minimum lease and CAM consideration recorded on a straight-line basis of $422.0 million and reduced variable lease income of $519.4 million, primarily related to lower consideration based on tenant sales and negative variable lease income due to abatements as a result of the COVID-19 pandemic. Total other income decreased $190.2 million, primarily due to a $75.7 million decrease related to Simon Brand Venture and gift card revenues, a $68.0 million decrease related to a gain on settlement with our former insurance broker in 2019, a $16.2 million gain on the 2019 sale of our interest in a multi-family residential property, a $10.9 million decrease in distributions from investments, a $9.1 million decrease in interest income and lower business interruption insurance proceeds received in connection with our two Puerto Rico properties as a result of hurricane damages of $5.2 million, partially offset by a $6.2 million gain on a partial sale and mark-to-market adjustment of our retained interest in a non-retail investment and a $4.1 million gain related to the sale of outparcels. Property operating expenses decreased $104.0 million primarily due to the closure of properties as a result of the COVID-19 pandemic and governmental restrictions intended to prevent its spread and cost reduction efforts, as previously discussed. Repairs and maintenance expenses decreased $19.6 million primarily due to the closure of properties as a result of the COVID-19 pandemic and governmental restrictions intended to prevent its spread and cost reduction efforts, as previously discussed. Advertising and promotion decreased $51.7 million primarily due to the closure of properties as a result of the COVID-19 pandemic and governmental restrictions intended to prevent its spread and cost reduction efforts, as previously discussed. General and administrative expense decreased $12.3 million due to lower executive compensation. Other expense increased $27.8 million primarily related to an increase in legal fees and expenses. During 2019, we recorded a loss on extinguishment of debt of $116.3 million as a result of the early redemption of senior unsecured notes. Income and other tax expense changed by $34.7 million primarily as a result of a higher tax benefit due to larger losses on our share of operating results in the retail operations venture of SPARC Group as compared to 2019, and reduced withholding and income taxes related to certain of our international investments, partially offset by tax expense from a bargain purchase gain recorded as a result of the acquisition of our interest in Forever 21. Income from unconsolidated entities decreased $224.5 million primarily due to unfavorable year-over-year domestic and international property operations, as well as results of operations from our retailer investments, both of which were impacted by COVID-19 disruption, partially offset by a $35.0 million pre-tax non-cash bargain purchase gain recorded as a result of the acquisition of our interest in Forever 21 and a gain from the sale of a non-retail asset, of which our share

65 was $17.8 million. During 2020, we recorded $125.6 million of impairment charges related to one consolidated property, an other-than- temporary impairment on our equity investment in three joint venture properties, an other-than-temporary impairment to reduce our investment in HBS to its estimated fair value, and a $4.3 million loss, net, related to the impairment and disposition of certain assets by Klépierre, partially offset by a $12.3 million gain on the disposal of our interest in one consolidated property, a $1.9 million excess gain on insurance proceeds related to our two properties in Puerto Rico and a $1.0 million gain related to the disposition of a shopping center by one of our joint venture investments. During 2019, we recorded net gains of $62.1 million primarily related to Klépierre’s disposition of certain shopping centers, offset by a $47.2 million impairment charge related to our investment in HBS. Simon’s net income attributable to noncontrolling interests decreased $156.8 million due to a decrease in the net income of the Operating Partnership.

Year Ended December 31, 2019 vs. Year Ended December 31, 2018 Lease income increased $85.4 million during 2019, of which the property transactions accounted for $33.2 million of the increase. Comparable lease income increased $52.2 million, or 1.0%, due to increases in fixed minimum lease and CAM consideration recorded on a straight-line basis, as a result of the adoption of ASC 842. Total other income increased $27.9 million, primarily due to a $68.0 million increase related to a lawsuit settled with our former insurance broker in 2019 related to the significant flood damage sustained at Opry Mills in May 2010, a $16.2 million gain on the sale of our interest in a multi-family residential property, a $12.4 million increase in interest income, an $11.2 million increase in Simon Brand Venture and gift card revenues, an increase of $10.4 million in land sales including gains as a result of land contributions for densification projects at two of our properties, and the impact of consolidated franchise and hotel revenues, partially offset by a $35.6 million non-cash gain recorded in 2018 associated with our contribution of our interest in the Aéropostale licensing venture for additional interests in ABG, a $26.7 million decrease in lease settlement income, a $23.9 million decrease in income related to distributions from an international investment received in 2018 and a $9.5 million decrease related to business interruption insurance proceeds received in connection with our two Puerto Rico properties as a result of hurricane damages. Depreciation and amortization expense increased $58.0 million, of which the property transactions accounted for $11.0 million. The comparable properties increased $47.0 million primarily as a result of an increase in tenant allowance write-offs in 2019 and the acceleration of depreciation on a property upon initiation of a major redevelopment. Home and regional office costs increased $53.4 million, primarily due to the suspension of leasing cost capitalization in 2019 as a result of the adoption of a new accounting pronouncement. General and administrative expense decreased $11.7 million due to lower executive compensation. Other expense increased $15.8 million primarily related to a $4.9 million unfavorable non-cash mark-to-market on certain of our non-real estate equity instruments, and the impact of consolidated franchise and hotel operational expenses. During 2019, we recorded a loss on extinguishment of debt of $116.3 million as a result of the early redemption of senior unsecured notes. Income from unconsolidated entities decreased $30.9 million as a result of the sale of German assets within our HBS joint venture in 2018, and the impact from the consolidation of a property that was previously unconsolidated in the third quarter of 2018, partially offset by favorable results of operations from our international joint venture investments. During 2019, we recorded net gains of $62.1 million primarily related to Klépierre’s disposition of certain shopping centers, offset by a $47.2 million impairment charge related to our investment in HBS. During 2018, we recorded net gains of $12.5 million related to property insurance recoveries of previously depreciated assets and $276.3 million primarily related to our disposition of two retail properties, as well as the disposal of our interest in the German department stores owned through our investment in HBS, as further discussed in Note 6 of the notes to the consolidated financial statements. Simon’s net income attributable to noncontrolling interests decreased $60.7 million due to a decrease in the net income of the Operating Partnership.

66 Liquidity and Capital Resources Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt comprised only 12.1% of our total consolidated debt at December 31, 2020. We also enter into interest rate protection agreements from time to time to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $2.6 billion in the aggregate during 2020. The Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these sources may be increased as discussed further below. Our balance of cash and cash equivalents increased $342.2 million during 2020 to $1.0 billion as of December 31, 2020 as further discussed below. On December 31, 2020, we had an aggregate available borrowing capacity of approximately $6.7 billion under the Facilities, net of outstanding borrowings of $2.1 billion, amounts outstanding under the Commercial Paper program of $623.0 million and letters of credit of $12.3 million. For the year ended December 31, 2020, the maximum aggregate outstanding balance under the Facilities was $3.9 billion and the weighted average outstanding balance was $1.8 billion. The weighted average interest rate was 1.04% for the year ended December 31, 2020. Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public, short and long-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level. Our business model and Simon’s status as a REIT require us to regularly access the debt markets to raise funds for acquisition, development and redevelopment activity, and to refinance maturing debt. Simon may also, from time to time, access the equity capital markets to accomplish our business objectives. We believe we have sufficient cash on hand and availability under the Credit Facility and the Supplemental Facility, or together the Credit Facilities, and the Commercial Paper program to address our debt maturities and capital needs through 2021.

Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $2.6 billion during 2020. In addition, we had net proceeds from our debt financing and repayment activities of $2.3 billion in 2020. These activities are further discussed below under “Financing and Debt.” During 2020, we also:

• funded the acquisition of the ventures which purchased certain assets of Forever 21, acquired additional interests in SPARC Group and ABG, funded the acquisition of the ventures which purchased certain assets of J.C. Penney, and funded the acquisition of an 80% ownership interest in TRG, the aggregate cash portion of which was $3.6 billion,

• issued 22,137,500 shares of common stock in a public offering for $1.6 billion, net of issue costs,

• paid stockholder dividends and unitholder distributions totaling approximately $1.7 billion and preferred unit distributions totaling $5.3 million,

• funded consolidated capital expenditures of $484.1 million (including development and other costs of $26.3 million, redevelopment and expansion costs of $399.3 million, and tenant costs and other operational capital expenditures of $58.5 million),

• funded investments in unconsolidated entities of $191.4 million,

• funded investments in equity instruments of $33.0 million,

• received proceeds on the sale of equity instruments of $30.0 million,

• received insurance proceeds from third-party carriers for property restoration related to hurricane damages of $31.2 million,

• funded the repurchase of $152.6 million of Simon’s common stock and redeemed units of the Operating Partnership for $16.1 million. In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders and/or distributions to partners necessary to

67 maintain Simon’s REIT qualification on a long-term basis. At this time, we do not expect the impact of COVID-19 to impact our ability to fund these needs for the foreseeable future; however its ultimate impact is difficult to predict. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital:

• excess cash generated from operating performance and working capital reserves,

• borrowings on the Credit Facilities and Commercial Paper program,

• additional secured or unsecured debt financing, or

• additional equity raised in the public or private markets. We expect to generate positive cash flow from operations in 2021, and we consider these projected cash flows in our sources and uses of cash. These cash flows are principally derived from rents paid by our tenants. A significant deterioration in projected cash flows from operations, including one due to the impact of the COVID-19 pandemic and restrictions intended to restrict its spread, could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing.

Financing and Debt

Unsecured Debt At December 31, 2020, our unsecured debt consisted of $17.1 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Credit Facility, $2.0 billion outstanding under the Term Facility, and $623.0 million outstanding under Commercial Paper program. On March 16, 2020, the Operating Partnership replaced in its entirety its existing $4.0 billion unsecured revolving credit facility by entering into an unsecured credit facility comprised of (i) an amendment and extension of the Credit Facility and (ii) the Term Facility. The Credit Facility and the Term Facility can be increased in the form of either additional commitments under the Credit Facility or incremental term loans under the Term Facility in an aggregate amount for all such increases not to exceed $1.0 billion, for a total aggregate size of $7.0 billion, in each case, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Term Facility and Credit Facility are June 30, 2022 and June 30, 2024, respectively. Each of the Term Facility and Credit Facility can be extended for two additional six-month periods to June 30, 2023 and June 30, 2025, respectively, at our sole option, subject to satisfying certain customary conditions precedent. The Term Facility was available via a single draw during the nine- month period following March 16, 2020, which the Operating Partnership drew on December 15, 2020.

Borrowings under the Credit Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.65% and 1.40% or (ii) the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) (the “Base Rate”), plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.00% and 0.40%. The Credit Facility includes a facility fee determined by the Operating Partnership’s corporate credit rating of between 0.10% and 0.30% on the aggregate revolving commitments under the Credit Facility. The Credit Facility contains a money market competitive bid option program that allows the Operating Partnership to hold auctions to achieve lower pricing for short-term borrowings. Borrowings under the Term Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined based on the Operating Partnership’s corporate credit rating of between 0.725% and 1.60% or (ii) the base rate (equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.00% and 0.60%. The Term Facility includes a ticking fee equal to 0.10% of the unused term loan commitment under the Term Facility, which ticking fee commenced accruing on the date that is forty-five days after the closing of the Term Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility was extended to June 30, 2022 and can be extended for an additional year

68 to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 77.5 basis points, with an additional facility fee of 10 basis points. On December 31, 2020, we had an aggregate available borrowing capacity of $6.7 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2020 was $3.9 billion and the weighted average outstanding balance was $1.8 billion. Letters of credit of $12.3 million were outstanding under the Facilities as of December 31, 2020. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2020, we had $623.0 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 0.29%. These borrowings have a weighted average maturity date of February 19, 2021 and reduce amounts otherwise available under the Credit Facilities. On July 9, 2020, the Operating Partnership completed the issuance of the following senior unsecured notes: $500.0 million with a fixed interest rate of 3.50%, $750 million with a fixed interest rate of 2.65%, and $750 million with a fixed interest rate of 3.80%, with maturity dates of September 2025 (the “2025” Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.50% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities. On July 10, 2020 the Operating Partnership repaid $1.75 billion under the Credit Facility and $750.0 million under the Supplemental Facility. On July 22, 2020, the Operating Partnership completed the optional redemption at par of its $500 million 2.50% notes due September 1, 2020. On August 6, 2020 the Operating Partnership completed the optional redemption at par of its €375 million 2.375% notes due October 2, 2020. On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.75%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of January 2028 and 2031, respectively. On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further, on February 2, 2021, the Operating Partnership repaid $750 million under the Term Facility. On October 7, 2019 the Operating Partnership completed the early redemption of its $900 million 4.375% notes due March 1, 2021, $700 million 4.125% notes due December 1, 2021, $600 million 3.375% notes due March 15, 2022 and €375 million of the €750 million 2.375% notes due October 2, 2020. We recorded a $116.3 million loss on extinguishment of debt in the fourth quarter of 2019 as a result of the early redemption.

Mortgage Debt Total consolidated mortgage indebtedness, which is typically secured by the underlying assets and non-recourse to the Operating Partnership, was $7.0 billion and $6.9 billion at December 31, 2020 and 2019, respectively. Covenants Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2020, we were in compliance with all covenants of our unsecured debt.

69 At December 31, 2020, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 49 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2020, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

Summary of Financing Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of December 31, 2020 and 2019, consisted of the following (dollars in thousands):

Effective Effective Adjusted Balance Weighted Adjusted Weighted as of Average Balance as of Average Debt Subject to December 31, 2020 Interest Rate(1) December 31, 2019 Interest Rate(1) Fixed Rate $ 23,477,498 3.50% $ 23,298,167 3.46% Variable Rate 3,245,863 1.31% 865,063 2.61% $ 26,723,361 2.98% $ 24,163,230 3.16%

(1) Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs.

Contractual Obligations and Off-balance Sheet Arrangements In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of December 31, 2020, and subsequent years thereafter (dollars in thousands) assuming the obligations remain outstanding through initial maturities:

2021 2022-2023 2024-2025 After 2025 Total Long Term Debt (1) (2) (5) $ 2,322,729 $ 6,664,864 $ 6,034,695 $ 11,768,557 $ 26,790,845 Interest Payments (3) 787,627 1,367,869 1,065,883 3,888,169 7,109,548 Consolidated Capital Expenditure Commitments (3) 183,447 — — — 183,447 Lease Commitments (4) 32,787 65,765 66,185 886,336 1,051,073

(1) Represents principal maturities only and, therefore, excludes net discounts and debt issuance costs. (2) Variable rate interest payments are estimated based on the LIBOR or other applicable rate at December 31, 2020. (3) Represents contractual commitments for capital projects and services at December 31, 2020. Our share of estimated 2020 development, redevelopment and expansion activity is further discussed below under “Development Activity”. (4) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options, unless reasonably certain of exercise. (5) The amount due in 2021 includes $623.0 million in Global Commercial Paper. Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the notes to the consolidated financial statements. Our joint ventures typically fund their cash needs through secured non-recourse debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. As of December 31, 2020, the Operating Partnership guaranteed joint venture-related mortgage

70 indebtedness of $219.2 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not required contractually or otherwise. Hurricane Impacts As discussed further in Note 10 of the notes to the consolidated financial statements, during the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $81.1 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $47.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2020 and 2019, we recorded $5.2 million and $10.5 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $14.3 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable, and have received $20.6 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable.

Acquisitions and Dispositions Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements. Most of our partners are institutional investors who have a history of direct investment in retail real estate. We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions). If we determine it is in our best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy our partner’s interest. If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities. Acquisitions. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers and Lucky Brands out of bankruptcy. At September 30, 2020, our noncontrolling equity method interests in the operations venture of SPARC Group and in ABG were 50.0% and 6.8%, respectively. On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner for cash consideration of $12.8 million. As of closing, the property was subject to a $21.5 million, 4.02% variable rate mortgage. On September 25, 2018, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units, or approximately $84.1 million, as consideration for the acquisition. The property is subject to a $215.0 million 4.22% fixed rate mortgage loan. Dispositions. We may continue to pursue the disposition of properties that no longer meet our strategic criteria or that are not a primary retail venue within their trade area. During 2020, we disposed of our interest in one consolidated retail property. A portion of the gross proceeds on this transaction of $33.4 million was used to partially repay a cross-collateralized mortgage. Our share of the $12.3 million gain is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income. During 2019, we disposed of our interests in one multi-family residential investment. Our share of the gross proceeds on this transaction was $17.9 million. Our share of the gain of $16.2 million is included in other income in the accompanying consolidated statement of operations and comprehensive income. We also recorded net gains of $62.1 million, primarily

71 related to Klépierre’s disposition of its interests in certain shopping centers, of which our share was $58.6 million, as discussed in Note 6 to the consolidated financial statements. During 2018, we recorded net gains of $288.8 million primarily related to disposition activity which included the foreclosure of two consolidated retail properties in satisfaction of their $200.0 million and $80.0 million non-recourse mortgage loans and, as discussed in Note 6 of the notes to the consolidated financial statements, our interest in the German department store properties owned through our investment in HBS was sold during the fourth quarter of 2018. Also, as discussed further in Note 6 of the notes to the consolidated financial statements, Klépierre disposed of its interests in certain shopping centers resulting in a gain of which our share was $20.2 million.

Joint Venture Formation Activity On December 29, 2020, we completed the acquisition of an 80% ownership interest in TRG, which has an ownership interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of , Inc. common stock for $43.00 per share in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.0 million 6.25% Series K Cumulative Preferred Shares, and the issuance of 955,705 Operating Partnership units, was approximately $3.5 billion. Our investment includes the 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. On December 7, 2020, we and a group of co-investors acquired certain assets and liabilities of J.C. Penney, a department store retailer, out of bankruptcy. Our noncontrolling interest in the venture is 41.67% and was acquired for cash consideration of $125.0 million. On February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. Our noncontrolling interest in each of the retail operations venture and in the licensing venture is 37.5%. Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain of which our share of $35.0 million pre- tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in Rue Gilt Groupe, or RGG, to create a new multi-platform venture dedicated to digital value shopping, as further discussed in Note 6 to the consolidated financial statements.

Development Activity We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants are underway at several properties in the United States, Canada, Europe, and Asia. In response to the COVID-19 pandemic, the Company has suspended more than $1.0 billion of capital in development projects. The Company will re-evaluate all suspended projects over time. Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $829 million. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction is approximately $89 million. We expect to fund these capital projects with cash flows from operations. We seek a stabilized return on invested capital in the range of 8-10% for all of our new development, expansion and redevelopment projects.

72 Summary of Capital Expenditures. The following table summarizes total capital expenditures on consolidated properties on a cash basis (in millions):

2020 2019 2018 New Developments $ 27 $ 73 $ 87 Redevelopments and Expansions 399 498 419 Tenant Allowances 53 162 144 Operational Capital Expenditures 5 143 132 Total $ 484 $ 876 $ 782

73 International Development Activity We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Peso, Won, and other foreign currencies is not material. We expect our share of estimated committed capital for international development projects to be completed with projected delivery in 2021 or 2022 is $36 million, primarily funded through reinvested joint venture cash flow and construction loans. The following table describes recently completed and new development and expansion projects as well as our share of the estimated total cost as of December 31, 2020 (in millions):

Gross Our Our Share of Our Share of Projected Leasable Ownership Projected Net Cost Projected Net Cost Opening Property Location Area (sqft) Percentage (in Local Currency) (in USD) (1) Date New Development Projects: Málaga Designer Outlet Málaga, Spain 191,000 46% EUR 50.3 $ 61.7 Opened Feb. - 2020 Siam Premium Outlets Bangkok Bangkok, Thailand 264,000 50% THB 1,654 $ 55.2 Opened Jun. - 2020 West Midlands Designer Outlet Cannock (West 197,000 23% GBP 31.2 $ 42.6 Mar. 2021 Midlands), England Expansions: Gotemba Premium Outlets Gotemba, Japan 178,000 40% JPY 7,476 $ 72.5 Opened Jun. - 2020 Phase 4 Rinku Premium Outlets Phase 5 Izumisano (Osaka), 110,000 40% JPY 3,219 $ 31.2 Opened Aug. - Japan 2020 La Reggia Designer Outlet Marcianise (Naples), 58,000 92% EUR 30.9 $ 37.9 Nov. 2021 Phase 3 Italy

(1) USD equivalent based upon December 31, 2020 foreign currency exchange rates.

Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $1.30 per share in the fourth quarter of 2020 and $4.70 per share for the year ended December 31, 2020. The Operating Partnership paid distributions per unit for the same amounts. In 2019, Simon paid dividends of $2.10 and $8.30 per share for the three and twelve month periods ended December 31, 2019, respectively. The Operating Partnership paid distributions per unit for the same amounts. On December 15, 2020, Simon’s Board of Directors declared a quarterly cash dividend for the fourth quarter of 2020 of $1.30 per share, payable on January 22, 2021 to shareholders of record on December 24, 2020. The distribution rate on units is equal to the dividend rate on common stock. In order to maintain its status as a REIT, Simon must pay a minimum amount of dividends. Simon’s future dividends and the Operating Partnership’s future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the plan, Simon could repurchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021 in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. During the year ended December 31, 2019, Simon purchased 2,247,074 shares at an average price of $160.11 per share, of which 46,377 shares at an average price of $164.49 were purchased as part of the previous program. At December 31, 2020, we had remaining authority to repurchase approximately $1.5 billion of common stock, which has subsequently expired. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.

Forward-Looking Statements Certain statements made in this section or elsewhere in this Annual Report on Form 10-K may be deemed "forward– looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward–looking statements are based on reasonable assumptions, we can give no assurance that its expectations will be attained, and it is possible that our actual results may differ materially from those indicated by

74 these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel; and. We discussed these and other risks and uncertainties under the heading "Risk Factors" in Part 1, Item 1A of this Annual Report on Form 10-K. We may update that discussion in subsequent other periodic reports, but except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Non-GAAP Financial Measures Industry practice is to evaluate real estate properties in part based on performance measures such as FFO, diluted FFO per share, NOI, and portfolio NOI. We believe that these non-GAAP measures are helpful to investors because they are widely recognized measures of the performance of REITs and provide a relevant basis for comparison among REITs. We also use these measures internally to measure the operating performance of our portfolio. We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP:

• excluding real estate related depreciation and amortization,

• excluding gains and losses from extraordinary items,

• excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties,

• plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and

• all determined on a consistent basis in accordance with GAAP. You should understand that our computations of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures:

• do not represent cash flow from operations as defined by GAAP,

• should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and

• are not an alternative to cash flows as a measure of liquidity.

75 The following schedule reconciles total FFO to consolidated net income and, for Simon, diluted net income per share to diluted FFO per share.

2020 2019 2018 (in thousands) Funds from Operations (A) $ 3,236,963 $ 4,272,271 $ 4,324,601 Change in FFO from prior period (24.2)% (1.2)% 7.6 % Consolidated Net Income $ 1,277,324 $ 2,423,188 $ 2,822,343 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties 1,308,419 1,329,843 1,270,888 Our share of depreciation and amortization from unconsolidated entities, including Klépierre and other corporate investments 536,133 551,596 533,595 Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 114,960 (14,883) (288,827) Unrealized losses (gains) in fair value of equity instruments 19,632 8,212 15,212 Net loss (gain) attributable to noncontrolling interest holders in properties 4,378 (991) (11,327) Noncontrolling interests portion of depreciation and amortization and loss (gain) on disposal of properties (18,631) (19,442) (12,031) Preferred distributions and dividends (5,252) (5,252) (5,252) FFO of the Operating Partnership (A) $ 3,236,963 $ 4,272,271 $ 4,324,601 FFO allocable to limited partners 424,063 563,342 568,817 Dilutive FFO allocable to common stockholders (A) $ 2,812,900 $ 3,708,929 $ 3,755,784 Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share $ 3.59 $ 6.81 $ 7.87 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and other corporate investments, net of noncontrolling interests portion of depreciation and amortization 5.14 5.25 5.01 Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 0.32 (0.04) (0.79) Unrealized losses (gains) in fair value of equity instruments 0.06 0.02 0.04 Diluted FFO per share (A) $ 9.11 $ 12.04 $ 12.13 Basic and Diluted weighted average shares outstanding 308,738 307,950 309,627 Weighted average limited partnership units outstanding 46,544 46,774 46,893 Basic and Diluted weighted average shares and units outstanding 355,282 354,724 356,520

(A) Includes FFO of the Operating Partnership related to a loss on extinguishment of debt of $116.3 million for the year ended December 31, 2019. Includes Diluted FFO per share/unit related to a loss on extinguishment of debt of $0.33 for the year ended December 31, 2019. Includes Diluted FFO allocable to common stockholders related to a loss on extinguishment of debt of $100.9 million for the year ended December 31, 2019.

76 The following schedule reconciles consolidated net income to NOI.

For the Year Ended December 31, 2020 2019 (in thousands) Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 1,277,324 $ 2,423,188 Income and other tax expense (benefit) (4,637) 30,054 Interest expense 784,400 789,353 Income from unconsolidated entities (219,870) (444,349) Loss on extinguishment of debt -- 116,256 Unrealized losses (gains) in fair value of equity instruments 19,632 8,212 Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 114,960 (14,883) Operating Income Before Other Items 1,971,809 2,907,831 Depreciation and amortization 1,318,008 1,340,503 Home and regional office costs 171,668 190,109 General and administrative 22,572 34,860 NOI of consolidated entities $ 3,484,057 $ 4,473,303 Reconciliation of NOI of unconsolidated entities: Net Income $ 453,816 $ 892,506 Interest expense 616,332 636,988 Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net — (24,609) Operating Income Before Other Items 1,070,148 1,504,885 Depreciation and amortization 692,424 681,764 NOI of unconsolidated entities $ 1,762,572 $ 2,186,649 Add: Our share of NOI from Klépierre, and other corporate investments 253,093 293,979 Combined NOI $ 5,499,722 $ 6,953,931 Less: Corporate and Other NOI Sources (1) 228,874 548,117 Less: Our share of NOI from Retailer Investments 21,507 40,149 Less: Our share of NOI from Investments (2) 194,174 269,598 Portfolio NOI $ 5,055,167 $ 6,096,067 Portfolio NOI Change (17.1)%

(1) Includes income components excluded from portfolio NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), unrealized and realized gains/losses on non-real estate related equity instruments, Northgate, Simon management company revenues, and other assets.

(2) Includes our share of NOI of Klépierre (at constant currency) and other corporate investments.

Item 7A. Qualitative and Quantitative Disclosures About Market Risk

Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.

77 We may enter into treasury lock agreements as part of anticipated issuances of senior notes. Upon completion of the debt issuance, the cost of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement.

Our future earnings, cash flows and fair values relating to financial instruments are dependent upon prevalent market rates of interest, primarily LIBOR. Based upon consolidated indebtedness and interest rates at December 31, 2020, a 50 basis point increase in the market rates of interest would decrease future earnings and cash flows by approximately $16.3 million, and would decrease the fair value of debt by approximately $747.2 million.

78 Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

The Stockholders and the Board of Directors of Simon Property Group, Inc.: Opinion on Internal Control over Financial Reporting We have audited Simon Property Group, Inc.’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the COSO criteria). In our opinion, Simon Property Group, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the COSO criteria. We also have audited, in accordance with the standards of the Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2020 and 2019, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February 25, 2021, expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ ERNST & YOUNG LLP

Indianapolis, Indiana February 25, 2021

79 Report of Independent Registered Public Accounting Firm

The Stockholders and the Board of Directors of Simon Property Group, Inc.: Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Simon Property Group, Inc. (the Company) as of December 31, 2020 and 2019, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated February 25, 2021, expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Evaluation of Investment Properties for Impairment

Description of the At December 31, 2020, the Company’s consolidated net investment properties totaled $23.2 billion. Matter In addition, a significant number of the Company’s investments in unconsolidated entities and its investment in Klépierre hold investment properties. As discussed in Note 3 to the consolidated financial statements, the Company reviews investment properties for impairment on a property-by- property basis to identify and evaluate events or changes in circumstances that indicate the carrying value of an investment property may not be recoverable. The Company estimates undiscounted cash flows of an investment property using observable and unobservable inputs such as historical and forecasted cash flows, operating income before depreciation and amortization, estimated capitalization rates, leasing prospects and local market information.

Auditing management’s evaluation of investment properties for impairment was complex due to the estimation uncertainty in determining the undiscounted cash flows of an investment property. In particular, the impairment evaluation for investment properties was sensitive to significant assumptions such as forecasted cash flows and operating income before depreciation and amortization, and capitalization rates, all of which can be affected by expectations about future market

80

or economic conditions, demand, and competition.

How We We obtained an understanding, evaluated the design, and tested the operating effectiveness of Addressed the controls over the Company’s process for evaluating investment properties for impairment, including Matter in Our controls over management’s review of the significant assumptions described above. Audit To test the Company’s evaluation of investment properties for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by management in its analysis. We compared the significant assumptions used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating certain assumptions. In addition, we compared the forecasted cash flows and operating income before depreciation and amortization to historical actual results and evaluated significant variances, including consideration of the current economic environment. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted cash flows of the related investment property that would result from changes in the assumptions.

Evaluation of Investments in Unconsolidated Entities for Impairment

Description of the At December 31, 2020, the carrying value of the Company’s investments in unconsolidated entities Matter and its investment in Klépierre totaled $4.3 billion. As explained in Note 3 to the consolidated financial statements, the Company reviews investments in unconsolidated entities for impairment if events or changes in circumstances indicate that the carrying value of an investment in an unconsolidated entity may not be recoverable. To identify and evaluate whether an other-than-temporary decline in the fair value of an investment below its carrying value has occurred, the Company assesses economic and operating conditions that may affect the fair value of the investment. The evaluation of operating conditions may include developing estimates of forecasted cash flows or operating income before depreciation and amortization to support the recoverability of the carrying amount of the investment. When required, the Company estimates the fair value of an investment and assesses whether any impairment is other-than-temporary using observable and unobservable inputs such as historical and forecasted cash flows or operating income, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information.

Auditing management’s evaluation of investments in unconsolidated entities for impairment was complex due to the estimation uncertainty in determining the forecasted cash flows, operating income before depreciation and amortization, estimated fair value of each investment and whether any decline in fair value below the related investment’s carrying amount is other-than-temporary. In particular, the impairment evaluation for these investments was sensitive to significant assumptions such as forecasted cash flows, operating income before depreciation and amortization, relevant market multiples, and capitalization and discount rates, all of which can be affected by expectations about future market or economic conditions, demand, and competition.

81 How We We obtained an understanding, evaluated the design, and tested the operating effectiveness of Addressed the controls over the Company’s process for evaluating investments in unconsolidated entities for Matter in Our impairment, including controls over management’s review of the significant assumptions described Audit above.

To test the Company’s evaluation of investments in unconsolidated entities for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of data used by management in its analysis. We compared the significant assumptions used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating certain assumptions. In addition, we compared the forecasted cash flows and operating income before depreciation and amortization to historical actual results and evaluated significant variances, including consideration of the current economic environment. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the cash flows and the fair value of the related investment that would result from changes in the assumptions, and we evaluated whether a decline in fair value below the related investment’s carrying value was other-than-temporary.

Evaluation of Collectability of Tenant Receivables and Accrued Revenue

Description of the At December 31, 2020, the Company’s tenant receivables and accrued revenue totaled $1.2 billion. Matter As discussed in Notes 3 and 9 to the consolidated financial statements, the Company accrues fixed lease income on a straight-line basis over the term of the lease when the Company believes substantially all lease income, including the related straight-line receivable, is probable of collection. The Company’s assessment of collectability incorporates available tenant operational and liquidity information and includes expectations and estimates made by the Company with respect to each lease.

Auditing management’s evaluation of collectability of tenant receivables and accrued revenue was challenging due to the significant judgment that was necessary when assessing whether it is probable that the tenant will pay outstanding receivables and whether it is probable that substantially all future lease payments will be collected in accordance with the lease terms. In particular, the assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and management’s communications and negotiations with the tenant.

How We We obtained an understanding, evaluated the design, and tested the operating effectiveness of Addressed the controls over the Company’s process for evaluating collectability of tenant receivables and accrued Matter in Our revenues, including controls over management’s review of the information and judgments described Audit above.

To test the Company’s evaluation of collectability of tenant receivables and accrued revenue, we performed audit procedures that included, among others, assessing the methodologies applied and evaluating the information used by management in its analysis. As part of our assessment, we reviewed executed lease agreements and amendments, evaluated publicly available information on the tenant’s financial condition and operational performance and considered recent collections activity. Further, we evaluated the status of contractual disputes with certain tenants, including review of the related lease agreements, considered recent resolutions of similar matters and obtained representations from internal legal counsel. We also evaluated the impact of activity subsequent to the balance sheet date on the Company’s estimates.

/s/ ERNST & YOUNG LLP

We have served as the Company’s auditor since 2002.

Indianapolis, Indiana February 25, 2021

82 Report of Independent Registered Public Accounting Firm

The Partners of Simon Property Group, L.P. and the Board of Directors of Simon Property Group, Inc.: Opinion on Internal Control over Financial Reporting We have audited Simon Property Group, L.P.’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the COSO criteria). In our opinion, Simon Property Group, L.P. (the Partnership) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2020 and 2019, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February 25, 2021, expressed an unqualified opinion thereon. Basis for Opinion The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ ERNST & YOUNG LLP

Indianapolis, Indiana February 25, 2021

83 Report of Independent Registered Public Accounting Firm

The Partners of Simon Property Group, L.P. and the Board of Directors of Simon Property Group, Inc.: Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Simon Property Group, L.P. (the Partnership) as of December 31, 2020 and 2019, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2020 and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated February 25, 2021, expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Evaluation of Investment Properties for Impairment

Description of the At December 31, 2020, the Partnership’s consolidated net investment properties totaled $23.2 billion. Matter In addition, a significant number of the Partnership’s investments in unconsolidated entities and its investment in Klépierre hold investment properties. As discussed in Note 3 to the consolidated financial statements, the Partnership reviews investment properties for impairment on a property-by- property basis to identify and evaluate events or changes in circumstances that indicate the carrying value of an investment property may not be recoverable. The Partnership estimates undiscounted cash flows of an investment property using observable and unobservable inputs such as historical and forecasted cash flows, operating income before depreciation and amortization, estimated capitalization rates, leasing prospects and local market information.

Auditing management’s evaluation of investment properties for impairment was complex due to the estimation uncertainty in determining the undiscounted cash flows of an investment property. In particular, the impairment evaluation for investment properties was sensitive to significant

84 assumptions such as forecasted cash flows and operating income before depreciation and amortization, and capitalization rates, all of which can be affected by expectations about future market or economic conditions, demand, and competition.

How We We obtained an understanding, evaluated the design, and tested the operating effectiveness of Addressed the controls over the Partnership’s process for evaluating investment properties for impairment, including Matter in Our controls over management’s review of the significant assumptions described above. Audit To test the Partnership’s evaluation of investment properties for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by management in its analysis. We compared the significant assumptions used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating certain assumptions. In addition, we compared the forecasted cash flows and operating income before depreciation and amortization to historical actual results and evaluated significant variances, including consideration of the current economic environment. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted cash flows of the related investment property that would result from changes in the assumptions.

Evaluation of Investments in Unconsolidated Entities for Impairment

Description of the At December 31, 2020, the carrying value of the Partnership’s investments in unconsolidated entities Matter and its investment in Klépierre totaled $4.3 billion. As explained in Note 3 to the consolidated financial statements, the Partnership reviews investments in unconsolidated entities for impairment if events or changes in circumstances indicate that the carrying value of an investment in an unconsolidated entity may not be recoverable. To identify and evaluate whether an other-than-temporary decline in the fair value of an investment below its carrying value has occurred, the Partnership assesses economic and operating conditions that may affect the fair value of the investment. The evaluation of operating conditions may include developing estimates of forecasted cash flows or operating income before depreciation and amortization to support the recoverability of the carrying amount of the investment. When required, the Partnership estimates the fair value of an investment and assesses whether any impairment is other than temporary using observable and unobservable inputs such as historical and forecasted cash flows or operating income, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information.

Auditing management’s evaluation of investments in unconsolidated entities for impairment was complex due to the estimation uncertainty in determining the forecasted cash flows, operating income before depreciation and amortization, estimated fair value of each investment and whether any decline in fair value below the related investment’s carrying amount is other-than-temporary. In particular, the impairment evaluation for these investments was sensitive to significant assumptions such as forecasted cash flows, operating income before depreciation and amortization, relevant market multiples, and capitalization and discount rates, all of which can be affected by expectations about future market or economic conditions, demand, and competition.

How We We obtained an understanding, evaluated the design, and tested the operating effectiveness of Addressed the controls over the Partnership’s process for evaluating investments in unconsolidated entities for Matter in Our impairment, including controls over management’s review of the significant assumptions described Audit above.

To test the Partnership’s evaluation of investments in unconsolidated entities for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of data used by management in its analysis. We compared the significant assumptions used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating certain

85 assumptions. In addition, we compared the forecasted cash flows and operating income before depreciation and amortization to historical actual results and evaluated significant variances, including consideration of the current economic environment. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the cash flows and the fair value of the related investment that would result from changes in the assumptions, and we evaluated whether a decline in fair value below the related investment’s carrying value was other-than-temporary.

Evaluation of Collectability of Tenant Receivables and Accrued Revenue

Description of the At December 31, 2020, the Partnership’s tenant receivables and accrued revenue totaled $1.2 billion. Matter As discussed in Notes 3 and 9 to the consolidated financial statements, the Partnership accrues fixed lease income on a straight-line basis over the term of the lease when the Partnership believes substantially all lease income, including the related straight-line receivable, is probable of collection. The Partnership’s assessment of collectability incorporates available tenant operational and liquidity information and includes expectations and estimates made by the Partnership with respect to each lease.

Auditing management’s evaluation of collectability of tenant receivables and accrued revenue was challenging due to the significant judgment that was necessary when assessing whether it is probable that the tenant will pay outstanding receivables and whether it is probable that substantially all future lease payments will be collected in accordance with the lease terms. In particular, the assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and management’s communications and negotiations with the tenant.

How We We obtained an understanding, evaluated the design, and tested the operating effectiveness of Addressed the controls over the Partnership’s process for evaluating collectability of tenant receivables and accrued Matter in Our revenues, including controls over management’s review of the information and judgments described Audit above.

To test the Partnership’s evaluation of collectability of tenant receivables and accrued revenue, we performed audit procedures that included, among others, assessing the methodologies applied and evaluating the information used by management in its analysis. As part of our assessment, we reviewed executed lease agreements and amendments, evaluated publicly available information on the tenant’s financial condition and operational performance and considered recent collections activity. Further, we evaluated the status of contractual disputes with certain tenants, including review of the related lease agreements, considered recent resolutions of similar matters and obtained representations from internal legal counsel. We also evaluated the impact of activity subsequent to the balance sheet date on the Partnership’s estimates.

/s/ ERNST & YOUNG LLP

We have served as the Partnership’s auditor since 2002. Indianapolis, Indiana February 25, 2021

86 Simon Property Group, Inc. Consolidated Balance Sheets (Dollars in thousands, except share amounts)

December 31, December 31, 2020 2019 ASSETS: Investment properties, at cost $ 38,050,196 $ 37,804,495 Less - accumulated depreciation 14,891,937 13,905,776 23,158,259 23,898,719 Cash and cash equivalents 1,011,613 669,373 Tenant receivables and accrued revenue, net 1,236,734 832,151 Investment in unconsolidated entities, at equity 2,603,571 2,371,053 Investment in Klépierre, at equity 1,729,690 1,731,649 Investment in TRG, at equity 3,451,897 — Right-of-use assets, net 512,914 514,660 Deferred costs and other assets 1,082,168 1,214,025 Total assets $ 34,786,846 $ 31,231,630 LIABILITIES: Mortgages and unsecured indebtedness $ 26,723,361 $ 24,163,230 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,311,925 1,390,682 Cash distributions and losses in unconsolidated entities, at equity 1,577,393 1,566,294 Dividend payable 486,922 — Lease liabilities 515,492 516,809 Other liabilities 513,515 464,304 Total liabilities 31,128,608 28,101,319 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties 185,892 219,061 EQUITY: Stockholders’ Equity Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 42,091 42,420 Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,849,037 and 320,435,256 issued and outstanding, respectively 34 32 Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding — — Capital in excess of par value 11,179,688 9,756,073 Accumulated deficit (6,102,314) (5,379,952) Accumulated other comprehensive loss (188,675) (118,604) Common stock held in treasury, at cost, 14,355,621 and 13,574,296 shares, respectively (1,891,352) (1,773,571) Total stockholders’ equity 3,039,472 2,526,398 Noncontrolling interests 432,874 384,852 Total equity 3,472,346 2,911,250 Total liabilities and equity $ 34,786,846 $ 31,231,630

The accompanying notes are an integral part of these statements.

87 Simon Property Group, Inc. Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per share amounts)

For the Year Ended December 31, 2020 2019 2018 REVENUE: Lease income $ 4,302,367 $ 5,243,771 $ 5,158,420 Management fees and other revenues 96,882 112,942 116,286 Other income 208,254 398,476 370,582 Total revenue 4,607,503 5,755,189 5,645,288 EXPENSES: Property operating 349,154 453,145 450,636 Depreciation and amortization 1,318,008 1,340,503 1,282,454 Real estate taxes 457,142 468,004 457,740 Repairs and maintenance 80,858 100,495 99,588 Advertising and promotion 98,613 150,344 151,241 Home and regional office costs 171,668 190,109 136,677 General and administrative 22,572 34,860 46,543 Other 137,679 109,898 94,110 Total operating expenses 2,635,694 2,847,358 2,718,989 OPERATING INCOME BEFORE OTHER ITEMS 1,971,809 2,907,831 2,926,299 Interest expense (784,400) (789,353) (815,923) Loss on extinguishment of debt — (116,256) — Income and other tax benefit (expense) 4,637 (30,054) (36,898) Income from unconsolidated entities 219,870 444,349 475,250 Unrealized losses in fair value of equity instruments (19,632) (8,212) (15,212) (Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (114,960) 14,883 288,827 CONSOLIDATED NET INCOME 1,277,324 2,423,188 2,822,343 Net income attributable to noncontrolling interests 164,760 321,604 382,285 Preferred dividends 3,337 3,337 3,337 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 1,109,227 $ 2,098,247 $ 2,436,721 BASIC AND DILUTED EARNINGS PER COMMON SHARE: Net income attributable to common stockholders $ 3.59 $ 6.81 $ 7.87

Consolidated Net Income $ 1,277,324 $ 2,423,188 $ 2,822,343 Unrealized (loss) gain on derivative hedge agreements (106,548) (4,066) 21,633 Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (106) 13,634 7,020 Currency translation adjustments 27,288 (1,850) (47,038) Changes in available-for-sale securities and other 180 718 373 Comprehensive income 1,198,138 2,431,624 2,804,331 Comprehensive income attributable to noncontrolling interests 155,646 322,627 379,837 Comprehensive income attributable to common stockholders $ 1,042,492 $ 2,108,997 $ 2,424,494

The accompanying notes are an integral part of these statements.

88 Simon Property Group, Inc. Consolidated Statements of Cash Flows (Dollars in thousands)

For the Year Ended December 31, 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated Net Income $ 1,277,324 $ 2,423,188 $ 2,822,343 Adjustments to reconcile consolidated net income to net cash provided by operating activities Depreciation and amortization 1,354,991 1,394,172 1,349,776 Loss on debt extinguishment — 116,256 — Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 114,960 (14,883) (288,827) Unrealized losses in fair value of equity instruments 19,632 8,212 15,212 Gain on interest in unconsolidated entity (Note 6) — — (35,621) Straight-line lease loss (income) 19,950 (67,139) (18,325) Equity in income of unconsolidated entities (219,870) (444,349) (475,250) Distributions of income from unconsolidated entities 184,733 428,769 390,137 Changes in assets and liabilities Tenant receivables and accrued revenue, net (415,911) (157) (17,518) Deferred costs and other assets (28,191) (49,338) (75,438) Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities 19,080 13,100 84,307 Net cash provided by operating activities 2,326,698 3,807,831 3,750,796 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions (3,606,694) (12,800) (51,060) Funding of loans to related parties (8,236) — (4,641) Proceeds on loans to related parties — 7,641 — Capital expenditures, net (484,119) (876,011) (781,909) Cash impact from the consolidation of properties — 1,045 11,276 Net proceeds from sale of assets 33,418 6,776 183,241 Investments in unconsolidated entities (191,368) (63,789) (63,397) Purchase of equity instruments (32,955) (374,231) (21,563) Proceeds from sales of equity instruments 30,000 — 25,000 Insurance proceeds for property restoration 31,198 5,662 19,083 Distributions of capital from unconsolidated entities and other 250,358 229,000 447,464 Net cash used in investing activities (3,978,398) (1,076,707) (236,506) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sales of common stock and other, net of transaction costs 1,556,148 (328) (329) Purchase of shares related to stock grant recipients' tax withholdings (854) (2,955) (2,911) Redemption of limited partner units (16,106) (6,846) (81,506) Purchase of treasury stock (152,589) (359,773) (354,108) Distributions to noncontrolling interest holders in properties (8,271) (41,549) (76,963) Contributions from noncontrolling interest holders in properties 220 139 161 Preferred distributions of the Operating Partnership (1,915) (1,915) (1,915) Distributions to stockholders and preferred dividends (1,443,183) (2,558,944) (2,449,071) Distributions to limited partners (219,095) (388,542) (370,656) Cash paid to extinguish debt — (99,975) — Proceeds from issuance of debt, net of transaction costs 15,234,860 13,312,301 7,973,719 Repayments of debt (12,955,275) (12,427,699) (9,118,685) Net cash provided by (used in) provided by financing activities 1,993,940 (2,576,086) (4,482,264) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 342,240 155,038 (967,974) CASH AND CASH EQUIVALENTS, beginning of period 669,373 514,335 1,482,309 CASH AND CASH EQUIVALENTS, end of period $ 1,011,613 $ 669,373 $ 514,335

The accompanying notes are an integral part of these statements.

89 Simon Property Group, Inc. Consolidated Statements of Equity (Dollars in thousands)

Accumulated Other Comprehensive Capital in Common Stock Preferred Common Income Excess of Par Accumulated Held in Noncontrolling Total Stock Stock (Loss) Value Deficit Treasury Interests Equity

Balance at December 31, 2017 $ 43,077 $ 32 $ (110,453) $ 9,614,748 $ (4,782,173) $ (1,079,063) $ 552,596 $ 4,238,764 Exchange of limited partner units (92,732 common shares, Note 8) 1,004 (1,004) — Issuance of limited partner units (475,183 units) 84,103 84,103 Series J preferred stock premium amortization (329) (329) Stock incentive program (51,756 common shares, net) (8,651) 8,651 — Redemption of limited partner units (454,704 units) (76,555) (4,951) (81,506) Amortization of stock incentive 12,029 12,029 Treasury stock purchase (2,275,194 shares) (354,108) (354,108) Long-term incentive performance units 26,172 26,172 Cumulative effect of accounting change 7,264 7,264 Issuance of unit equivalents and other (18,680 common shares repurchased) 1,602 (109,147) (2,911) (2,510) (112,966) Unrealized loss on hedging activities 18,781 2,852 21,633 Currency translation adjustments (40,766) (6,271) (47,037) Changes in available-for-sale securities and other 324 49 373 Net gain reclassified from accumulated other comprehensive loss into earnings 6,097 923 7,020 Other comprehensive income (15,564) (2,447) (18,011) Adjustment to limited partners' interest from change in ownership in the

90 Operating Partnership 156,241 (156,241) — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (2,449,071) (370,656) (2,819,727) Distribution to other noncontrolling interest partners (1,741) (1,741) Net income, excluding $1,915 attributable to preferred interests in the Operating Partnership and $3,416 attributable to noncontrolling redeemable interests in properties 2,440,058 376,954 2,817,012 Balance at December 31, 2018 $ 42,748 $ 32 $ (126,017) $ 9,700,418 $ (4,893,069) $ (1,427,431) $ 500,275 $ 3,796,956 Exchange of limited partner units (24,000 common shares, Note 8) 253 (253) — Series J preferred stock premium amortization (328) (328) Stock incentive program (90,902 common shares, net) (16,589) 16,589 — Redemption of limited partner units (43,255 units) (6,453) (393) (6,846) Amortization of stock incentive 12,604 12,604 Treasury stock purchase (2,247,074 shares) (359,773) (359,773) Long-term incentive performance units 20,749 20,749 Issuance of unit equivalents and other (16,336 common shares repurchased) 19 (29,523) (2,956) 139 (32,321) Unrealized gain on hedging activities (3,553) (513) (4,066) Currency translation adjustments (1,489) (361) (1,850) Changes in available-for-sale securities and other 623 95 718 Net loss reclassified from accumulated other comprehensive loss into earnings 11,832 1,802 13,634 Other comprehensive income 7,413 1,023 8,436 Adjustment to limited partners' interest from change in ownership in the Operating Partnership 65,821 (65,821) — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (2,558,944) (388,541) (2,947,485) Distribution to other noncontrolling interest partners (2,446) (2,446) Net income, excluding $1,915 attributable to preferred interests in the Operating Partnership and a $431 loss attributable to noncontrolling redeemable interests in properties 2,101,584 320,120 2,421,704 Balance at December 31, 2019 $ 42,420 $ 32 $ (118,604) $ 9,756,073 $ (5,379,952) $ (1,773,571) $ 384,852 $ 2,911,250

Accumulated Other Comprehensive Capital in Common Stock Preferred Common Income Excess of Par Accumulated Held in Noncontrolling Total Stock Stock (Loss) Value Deficit Treasury Interests Equity

Exchange of limited partner units (293,204 common shares, Note 8) 2,028 (2,028) — Issuance of limited partner units (955,705 units) 79,601 79,601 Public offering of common stock (22,137,500 common shares) 2 1,556,477 — 1,556,479 Series J preferred stock premium amortization (329) (329) Stock incentive program (462,967 common shares, net) (35,662) 35,662 — Redemption of limited partner units (116,658 units) (15,163) (943) (16,106) Amortization of stock incentive 11,660 11,660 Treasury stock purchase (1,245,654 shares) (152,590) (152,590) Long-term incentive performance units 2,331 2,331 Issuance of unit equivalents and other (15,561 common shares repurchased) 30 34,894 (853) (3,582) 30,489

91 Unrealized loss on hedging activities (92,834) (13,714) (106,548) Currency translation adjustments 22,694 4,594 27,288 Changes in available-for-sale securities and other 162 18 180 Net gain reclassified from accumulated other comprehensive loss into earnings (93) (13) (106) Other comprehensive income (70,071) (9,115) (79,186) Adjustment to limited partners' interest from change in ownership in the Operating Partnership (95,755) 95,755 — Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (1,869,820) (279,379) (2,149,199) Distribution to other noncontrolling interest partners (3,507) (3,507) Net income, excluding $1,915 attributable to preferred interests in the Operating Partnership and a $6,044 loss attributable to noncontrolling redeemable interests in properties 1,112,564 168,889 1,281,453 Balance at December 31, 2020 $ 42,091 $ 34 $ (188,675) $ 11,179,688 $ (6,102,314) $ (1,891,352) $ 432,874 $ 3,472,346

The accompanying notes are an integral part of these statements.

Simon Property Group, L.P. Consolidated Balance Sheets (Dollars in thousands, except unit amounts)

December 31, December 31, 2020 2019 ASSETS: Investment properties, at cost $ 38,050,196 $ 37,804,495 Less — accumulated depreciation 14,891,937 13,905,776 23,158,259 23,898,719 Cash and cash equivalents 1,011,613 669,373 Tenant receivables and accrued revenue, net 1,236,734 832,151 Investment in unconsolidated entities, at equity 2,603,571 2,371,053 Investment in Klépierre, at equity 1,729,690 1,731,649 Investment in TRG, at equity 3,451,897 — Right-of-use assets, net 512,914 514,660 Deferred costs and other assets 1,082,168 1,214,025 Total assets $ 34,786,846 $ 31,231,630 LIABILITIES: Mortgages and unsecured indebtedness $ 26,723,361 $ 24,163,230 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,311,925 1,390,682 Cash distributions and losses in unconsolidated entities, at equity 1,577,393 1,566,294 Distribution payable 486,922 — Lease liabilities 515,492 516,809 Other liabilities 513,515 464,304 Total liabilities 31,128,608 28,101,319 Commitments and contingencies Preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties 185,892 219,061 EQUITY: Partners’ Equity Preferred units, 796,948 units outstanding. Liquidation value of $39,847 42,091 42,420 General Partner, 328,501,416 and 306,868,960 units outstanding, respectively 2,997,381 2,483,978 Limited Partners, 47,322,212 and 46,740,117 units outstanding, respectively 431,784 378,339 Total partners’ equity 3,471,256 2,904,737 Nonredeemable noncontrolling interests in properties, net 1,090 6,513 Total equity 3,472,346 2,911,250 Total liabilities and equity $ 34,786,846 $ 31,231,630

The accompanying notes are an integral part of these statements.

92 Simon Property Group, L.P. Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per unit amounts)

For the Year Ended December 31, 2020 2019 2018 REVENUE: Lease income $ 4,302,367 $ 5,243,771 $ 5,158,420 Management fees and other revenues 96,882 112,942 116,286 Other income 208,254 398,476 370,582 Total revenue 4,607,503 5,755,189 5,645,288 EXPENSES: Property operating 349,154 453,145 450,636 Depreciation and amortization 1,318,008 1,340,503 1,282,454 Real estate taxes 457,142 468,004 457,740 Repairs and maintenance 80,858 100,495 99,588 Advertising and promotion 98,613 150,344 151,241 Home and regional office costs 171,668 190,109 136,677 General and administrative 22,572 34,860 46,543 Other 137,679 109,898 94,110 Total operating expenses 2,635,694 2,847,358 2,718,989 OPERATING INCOME BEFORE OTHER ITEMS 1,971,809 2,907,831 2,926,299 Interest expense (784,400) (789,353) (815,923) Loss on extinguishment of debt — (116,256) — Income and other tax benefit (expense) 4,637 (30,054) (36,898) Income from unconsolidated entities 219,870 444,349 475,250 Unrealized losses in fair value of equity instruments (19,632) (8,212) (15,212) (Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (114,960) 14,883 288,827 CONSOLIDATED NET INCOME 1,277,324 2,423,188 2,822,343 Net (loss) income attributable to noncontrolling interests (4,378) 991 11,327 Preferred unit requirements 5,252 5,252 5,252 NET INCOME ATTRIBUTABLE TO UNITHOLDERS $ 1,276,450 $ 2,416,945 $ 2,805,764 NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: General Partner $ 1,109,227 $ 2,098,247 $ 2,436,721 Limited Partners 167,223 318,698 369,043 Net income attributable to unitholders $ 1,276,450 $ 2,416,945 $ 2,805,764 BASIC AND DILUTED EARNINGS PER UNIT: Net income attributable to unitholders $ 3.59 $ 6.81 $ 7.87

Consolidated Net Income $ 1,277,324 $ 2,423,188 $ 2,822,343 Unrealized (loss) gain on derivative hedge agreements (106,548) (4,066) 21,633 Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (106) 13,634 7,020 Currency translation adjustments 27,288 (1,850) (47,038) Changes in available-for-sale securities and other 180 718 373 Comprehensive income 1,198,138 2,431,624 2,804,331 Comprehensive income attributable to noncontrolling interests 1,666 1,422 7,911 Comprehensive income attributable to unitholders $ 1,196,472 $ 2,430,202 $ 2,796,420

The accompanying notes are an integral part of these statements.

93 Simon Property Group, L.P. Consolidated Statements of Cash Flows (Dollars in thousands)

For the Year Ended December 31, 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated Net Income $ 1,277,324 $ 2,423,188 $ 2,822,343 Adjustments to reconcile consolidated net income to net cash provided by operating activities Depreciation and amortization 1,354,991 1,394,172 1,349,776 Loss on debt extinguishment — 116,256 — Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 114,960 (14,883) (288,827) Unrealized losses in fair value of equity instruments 19,632 8,212 15,212 Gain on interest in unconsolidated entity (Note 6) — — (35,621) Straight-line lease loss (income) 19,950 (67,139) (18,325) Equity in income of unconsolidated entities (219,870) (444,349) (475,250) Distributions of income from unconsolidated entities 184,733 428,769 390,137 Changes in assets and liabilities Tenant receivables and accrued revenue, net (415,911) (157) (17,518) Deferred costs and other assets (28,191) (49,338) (75,438) Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities 19,080 13,100 84,307 Net cash provided by operating activities 2,326,698 3,807,831 3,750,796 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions (3,606,694) (12,800) (51,060) Funding of loans to related parties (8,236) — (4,641) Proceeds on loans to related parties — 7,641 — Capital expenditures, net (484,119) (876,011) (781,909) Cash impact from the consolidation of properties — 1,045 11,276 Net proceeds from sale of assets 33,418 6,776 183,241 Investments in unconsolidated entities (191,368) (63,789) (63,397) Purchase of equity instruments (32,955) (374,231) (21,563) Proceeds from sales of equity instruments 30,000 — 25,000 Insurance proceeds for property restoration 31,198 5,662 19,083 Distributions of capital from unconsolidated entities and other 250,358 229,000 447,464 Net cash used in investing activities (3,978,398) (1,076,707) (236,506) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of units and other 1,556,148 (328) (329) Purchase of units related to stock grant recipients' tax withholdings (854) (2,955) (2,911) Redemption of limited partner units (16,106) (6,846) (81,506) Purchase of general partner units (152,589) (359,773) (354,108) Distributions to noncontrolling interest holders in properties (8,271) (41,549) (76,963) Contributions from noncontrolling interest holders in properties 220 139 161 Partnership distributions (1,664,193) (2,949,401) (2,821,642) Cash paid to extinguish debt — (99,975) — Mortgage and unsecured indebtedness proceeds, net of transaction costs 15,234,860 13,312,301 7,973,719 Mortgage and unsecured indebtedness principal payments (12,955,275) (12,427,699) (9,118,685) Net cash provided by (used in) provided by financing activities 1,993,940 (2,576,086) (4,482,264) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 342,240 155,038 (967,974) CASH AND CASH EQUIVALENTS, beginning of period 669,373 514,335 1,482,309 CASH AND CASH EQUIVALENTS, end of period $ 1,011,613 $ 669,373 $ 514,335

The accompanying notes are an integral part of these statements.

94 Simon Property Group, L.P. Consolidated Statements of Equity (Dollars in thousands)

Preferred Simon (Managing Limited Noncontrolling Total Units General Partner) Partners Interests Equity

Balance at December 31, 2017 $ 43,077 $ 3,643,091 $ 548,858 $ 3,738 $ 4,238,764 Issuance of limited partner units (475,183 units) 84,103 84,103 Series J preferred stock premium and amortization (329) (329) Limited partner units exchanged to common units (92,732 units) 1,004 (1,004) — Stock incentive program (51,756 common units, net) — — Amortization of stock incentive 12,029 12,029 Redemption of limited partner units (454,704 units) (76,555) (4,951) (81,506) Treasury unit purchase (2,275,194 units) (354,108) (354,108) Long-term incentive performance units 26,172 26,172 Cumulative effect of accounting change 7,264 7,264 Issuance of unit equivalents and other (18,680 common units) (110,456) (2,510) (112,966) Unrealized gain on hedging activities 18,781 2,852 21,633 Currency translation adjustments (40,766) (6,271) (47,037) Changes in available-for-sale securities and other 324 49 373 Net loss reclassified from accumulated other comprehensive loss into earnings 6,097 923 7,020 Other comprehensive income (15,564) (2,447) (18,011) 95 Adjustment to limited partners' interest from change in ownership in the Operating Partnership 156,241 (156,241) — Distributions, excluding distributions on preferred interests classified as temporary equity (3,337) (2,445,734) (370,656) (1,741) (2,821,468) Net income, excluding preferred distributions on temporary equity preferred units of $1,915 and $3,416 attributable to noncontrolling redeemable interests in properties 3,337 2,436,721 369,043 7,911 2,817,012 Balance at December 31, 2018 $ 42,748 $ 3,253,933 $ 492,877 $ 7,398 $ 3,796,956 Series J preferred stock premium and amortization (328) (328) Limited partner units exchanged to common units (24,000 units) 253 (253) — Stock incentive program (90,902 common units, net) — — Amortization of stock incentive 12,604 12,604 Redemption of limited partner units (43,255 units) (6,453) (393) (6,846) Treasury unit purchase (2,247,074 units) (359,773) (359,773) Long-term incentive performance units 20,749 20,749 Issuance of unit equivalents and other (16,336 common units) (32,460) 139 (32,321) Unrealized loss on hedging activities (3,553) (513) (4,066) Currency translation adjustments (1,489) (361) (1,850) Changes in available-for-sale securities and other 623 95 718 Net loss reclassified from accumulated other comprehensive loss into earnings 11,832 1,802 13,634 Other comprehensive income 7,413 1,023 8,436 Adjustment to limited partners' interest from change in ownership in the Operating Partnership 65,821 (65,821) — Distributions, excluding distributions on preferred interests classified as temporary equity (3,337) (2,555,607) (388,541) (2,446) (2,949,931) Net income, excluding preferred distributions on temporary equity preferred units of $1,915 and a $431 loss attributable to noncontrolling redeemable interests in properties 3,337 2,098,247 318,698 1,422 2,421,704 Balance at December 31, 2019 $ 42,420 $ 2,483,978 $ 378,339 $ 6,513 $ 2,911,250

Preferred Simon (Managing Limited Noncontrolling Total Units General Partner) Partners Interests Equity

Issuance of limited partner units (955,705 units) 79,601 79,601 Series J preferred stock premium and amortization (329) (329) Limited partner units exchanged to common units (293,204 units) 2,028 (2,028) — Issuance of units related to Simon's public offering of its common stock (22,137,500 units) 1,556,479 1,556,479 Stock incentive program (462,967 common units, net) — — Amortization of stock incentive 11,660 11,660 Redemption of limited partner units (116,658 units) (15,163) (943) (16,106) Treasury unit purchase (1,245,654 units) (152,590) (152,590) Long-term incentive performance units 2,331 2,331 Issuance of unit equivalents and other (36,252 units and 15,561 common units) 34,071 (3,582) 30,489

96 Unrealized loss on hedging activities (92,834) (13,714) (106,548) Currency translation adjustments 22,694 4,594 27,288 Changes in available-for-sale securities and other 162 18 180 Net gain reclassified from accumulated other comprehensive loss into earnings (93) (13) (106) Other comprehensive income (70,071) (9,115) (79,186) Adjustment to limited partners' interest from change in ownership in the Operating Partnership (95,755) 95,755 — Distributions, excluding distributions on preferred interests classified as temporary equity (3,337) (1,866,483) (279,379) (3,507) (2,152,706) Net income, excluding preferred distributions on temporary equity preferred units of $1,915 and a $6,044 loss attributable to noncontrolling redeemable interests in properties 3,337 1,109,227 167,223 1,666 1,281,453 Balance at December 31, 2020 $ 42,091 $ 2,997,381 $ 431,784 $ 1,090 $ 3,472,346

The accompanying notes are an integral part of these statements.

Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) 1. Organization Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2020, we owned or held an interest in 203 income-producing properties in the United States, which consisted of 99 malls, 69 Premium Outlets, 14 Mills, four lifestyle centers, and 17 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2020, we had ownership interests in 31 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2020, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 15 countries in Europe. We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from:

• Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and,

• Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We also grow by generating supplemental revenues from the following activities:

• establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,

• offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,

• selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and

• generating interest income on cash deposits and investments in loans, including those made to related entities.

97 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) 2. Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2020 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide.

Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. As of December 31, 2020, we consolidated 133 wholly-owned properties and 17 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 84 properties, or the joint venture properties, as well as our investments in Klépierre, HBS Global Properties, or HBS, and TRG, and our retailer investments in Authentic Brands Group LLC, or ABG, Forever 21, J.C. Penney, Rue Gilt Groupe, or RGG, and SPARC Group, formerly known as Aéropostale, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 57 of the 84 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, Spain, Thailand, and the United Kingdom comprise 23 of the remaining 27 properties. These international properties and TRG are managed by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests.

98 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Our weighted average ownership interest in the Operating Partnership was as follows:

For the Year Ended December 31, 2020 2019 2018 Weighted average ownership interest 86.9 % 86.8 % 86.8 %

As of December 31, 2020 and 2019, our ownership interest in the Operating Partnership was 87.4% and 86.8%, respectively. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

3. Summary of Significant Accounting Policies Investment Properties Investment properties consist of the following as of December 31:

2020 2019 Land $ 3,700,023 $ 3,692,056 Buildings and improvements 33,908,615 33,664,683 Total land, buildings and improvements 37,608,638 37,356,739 Furniture, fixtures and equipment 441,558 447,756 Investment properties at cost 38,050,196 37,804,495 Less — accumulated depreciation 14,891,937 13,905,776 Investment properties at cost, net $ 23,158,259 $ 23,898,719 Construction in progress included above $ 773,061 $ 812,982

We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows:

For the Year Ended December 31, 2020 2019 2018 Capitalized interest $ 22,917 $ 33,342 $ 19,871

We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years. We review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These

99 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) circumstances include, but are not limited to, declines in a property’s operational performance, such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value, and, if applicable, on a probability weighted basis, is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over our estimate of fair value. We also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization. We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. During the fourth quarter of 2020, we recorded an impairment charge of $34.4 million related to one consolidated property, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. During the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income.

Purchase Accounting We allocate the purchase price of asset acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the relative fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate:

• the relative fair value of land and related improvements and buildings on an as-if-vacant basis,

• the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income,

• the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and

• the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. The relative fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.

100 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions.

Equity Instruments and Debt Securities Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2020 and 2019, we had equity instruments with readily determinable fair values of $41.9 million and $68.2 million, respectively. Changes in the fair value of these equity instruments are recorded in earnings. Non-cash mark-to-market adjustments related to an investment we hold in units of a publicly traded real estate investment trust are included in unrealized losses in fair value of equity instruments in our consolidated statements of operations and comprehensive income. Non-cash mark-to-market adjustments related to other non-real estate securities with readily determinable fair values for the years ended December 31, 2020, 2019, and 2018 were nil, $5.0 million, and nil, respectively, and these losses were recorded in other expense in our consolidated statements of operations and comprehensive income. At December 31, 2020 and 2019, we had equity instruments without readily determinable fair values of $309.3 million and $295.4 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the years ended December 31, 2020 and 2019. Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. At December 31, 2020 and 2019, we held debt securities of $40.5 million and $52.8 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than- temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established. Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited.

Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and

101 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. The equity instruments with readily determinable fair values we held at December 31, 2020 and 2019 were primarily classified as having Level 1 and Level 2 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with an insignificant gross asset balance at December 31, 2020 and $17.5 million at December 31, 2019, and a gross liability balance of $44.6 million and $3.8 million at December 31, 2020 and 2019, respectively. Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates.

Gains or losses on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs.

Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.

Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2020, approximately 6.9% of our consolidated long-lived assets and 2.4% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2019, approximately 6.2% of our consolidated long-lived assets and 2.9% of our consolidated total revenues were derived from assets located outside the United States.

102 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31:

2020 2019 Deferred lease costs, net $ 169,651 $ 209,277 In-place lease intangibles, net 3,905 31,417 Acquired above market lease intangibles, net 31,053 44,337 Marketable securities of our captive insurance companies 40,496 52,760 Goodwill 20,098 20,098 Other marketable and non-marketable securities 351,176 363,554 Prepaids, notes receivable and other assets, net 465,789 492,582 $ 1,082,168 $ 1,214,025

Deferred Lease Costs Our deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows:

2020 2019 Deferred lease costs $ 407,288 $ 443,313 Accumulated amortization (237,637) (234,036) Deferred lease costs, net $ 169,651 $ 209,277

Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows:

For the Year Ended December 31, 2020 2019 2018 Amortization of deferred leasing costs $ 51,349 $ 57,201 $ 56,646

Intangibles The average remaining life of in-place lease intangibles is approximately 2.2 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.8 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $28.7 million and $44.8 million as of December 31, 2020 and 2019, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2020, 2019, and 2018, was $1.3 million, $1.9 million and $1.0 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings.

103 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Details of intangible assets as of December 31 are as follows:

2020 2019 In-place lease intangibles $ 173,094 $ 196,007 Accumulated amortization (169,189) (164,590) In-place lease intangibles, net $ 3,905 $ 31,417

2020 2019 Acquired above market lease intangibles $ 186,620 $ 252,934 Accumulated amortization (155,567) (208,597) Acquired above market lease intangibles, net $ 31,053 $ 44,337

Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2020 are as follows:

Below Above Impact to Market Market Lease Leases Leases Income, Net 2021 $ 8,193 $ (11,001) $ (2,808) 2022 5,565 (8,012) (2,447) 2023 4,224 (5,858) (1,634) 2024 3,265 (3,981) (716) 2025 2,322 (1,677) 645 Thereafter 5,122 (524) 4,598 $ 28,691 $ (31,053) $ (2,362)

Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2020 and 2019, we had no outstanding interest rate derivatives. We generally do not apply hedge accounting to interest rate caps, which had an insignificant value as of December 31, 2020 and 2019, respectively. Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement.

104 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income was $8.7 million and $10.6 million as of December 31, 2020 and 2019, respectively. Within the next year, we expect to reclassify to earnings approximately $1.0 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro- denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.

105 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2020 and 2019 (in millions):

Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2020 2019 € 50.0 March 20, 2020 — (0.5) € 50.0 March 20, 2020 — (0.5) € 50.0 March 20, 2020 — (0.5) € 50.0 May 15, 2020 — 1.5 € 100.0 June 18, 2020 — (0.6) € 90.0 June 18, 2020 — (0.5) € 100.0 December 18, 2020 — (0.6) € 100.0 December 18, 2020 — (0.6) € 100.0 March 24, 2021 (3.9) — € 100.0 March 24, 2021 (3.8) — € 50.0 March 24, 2021 (2.3) — € 50.0 March 24, 2021 (2.2) — € 50.0 May 14, 2021 (2.2) — € 50.0 May 14, 2021 (2.2) — € 41.0 May 14, 2021 (1.9) — € 20.0 May 14, 2021 (1.7) — € 50.0 May 14, 2021 (2.1) 1.3 € 50.0 May 14, 2021 (6.4) — € 30.0 May 14, 2021 (2.6) — € 60.0 December 20, 2021 (4.2) — € 60.0 December 20, 2021 (4.1) — € 30.0 December 20, 2021 (2.2) — € 50.0 July 15, 2021 (0.1) — € 50.0 July 15, 2021 (0.1) — € 50.0 July 15, 2021 (0.1) — € 50.0 July 15, 2021 — — € 50.0 July 15, 2021 — — € 61.0 September 17, 2021 (1.3) — € 61.0 September 17, 2021 (1.2) — Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities. We used a Euro-denominated cross-currency swap agreement to manage our exposure to changes in foreign exchange rates by swapping $150.0 million of 4.38% fixed rate U.S. dollar-denominated debt to 1.37% fixed rate Euro- denominated debt of €121.6 million. The cross-currency swap matured on December 1, 2020. The fair value of our cross-currency swap agreement on the settlement date was $4.1 million and at December 31, 2019 was $14.7 million, and is included in deferred costs and other assets.

106 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) We have designated the currency forward contracts and cross-currency swaps as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro or Yen-denominated joint venture investment. The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was ($53.2) million and $41.2 million as of December 31, 2020 and 2019, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income from unconsolidated entities, was ($60.9) million and $47.5 million as of December 31, 2020 and 2019, respectively.

Noncontrolling Interests Simon Details of the carrying amount of our noncontrolling interests are as follows as of December 31:

$(

2020 2019 Limited partners’ interests in the Operating Partnership $ 431,784 $ 378,339 Nonredeemable noncontrolling interests in properties, net 1,090 6,513 Total noncontrolling interests reflected in equity $ 432,874 $ 384,852

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

The Operating Partnership Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership. Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon. Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.

107 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Accumulated Other Comprehensive Income (Loss) Simon The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($136.2) million, ($160.4) million and ($158.9) million as of December 31, 2020, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:

Affected line item where 2020 2019 2018 net income is presented Currency translation adjustments $ (1,739) $ — $ — Other income Net income attributable to 219 — — noncontrolling interests $ (1,520) $ — —

Accumulated derivative gains (losses), net $ 1,845 $ (2,782) $ (7,020) Interest expense — (10,852) — Loss on extinguishment of debt Net income attributable to (232) 1,802 923 noncontrolling interests $ 1,613 $ (11,832) $ (6,097)

The Operating Partnership The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($155.8) million, ($184.8) million and ($183.0) million as of December 31, 2020, 2019 and 2018, respectively. The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:

Affected line item where 2020 2019 2018 net income is presented Currency translation adjustments $ (1,739) $ — $ — Other income

Accumulated derivative gains (losses), net $ 1,845 $ (2,782) $ (7,020) Interest expense — (10,852) — Loss on extinguishment of debt $ 1,845 $ (13,634) $ (7,020)

Revenue Recognition We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter.

108 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. For substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. Discussions with our tenants are ongoing and may result in further rent deferrals, lease amendments, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant. When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms. Refer to note 9 for further disclosure of lease income.

Management Fees and Other Revenues Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria.

109 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2020 and 2019 approximated $71.6 million and $74.5 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above.

Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied. We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs. As of December 31, 2020 and 2019, we had net deferred tax liabilities of $251.1 million and $257.7 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016. Additionally, we have deferred tax liabilities related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income.

Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and

110 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees. New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016- 13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. This standard was effective for us as of January 1, 2020. There was no impact on our consolidated financial statements at adoption. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2022. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04.

4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during 2020, 2019, and 2018. Our acquisition and disposition activity for the periods presented are as follows:

2019 Acquisitions

On September 19, 2019, we acquired the remaining 50% interest in a hotel adjacent to one of our properties for cash consideration of $12.8 million. As of closing, the property was subject to a $21.5 million, 4.02% variable rate mortgage. We accounted for this transaction as an asset acquisition and substantially all our investment relates to investment property.

2018 Acquisitions

On September 25, 2018, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units, or approximately $84.1 million, as consideration for the acquisition. The property is subject to a $215.0 million 4.22% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and substantially all of our investment has been determined to relate to investment property.

2020 Dispositions On October 1, 2020, we disposed of our interest in one consolidated retail property. A portion of the gross proceeds on this transaction of $33.4 million was used to partially repay a cross-collateralized mortgage. Our share of the $12.3

111 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) million gain is included in (loss) gain on sale or disposed of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operation and comprehensive income. 2019 Dispositions During 2019, we disposed of our interests in one multi-family residential investment. Our share of the gross proceeds on this transaction was $17.9 million. Our share of the gain of $16.2 million is included in other income in the accompanying consolidated statement of operation and comprehensive income. We also recorded net gains of $62.1 million, primarily related to Klépierre’s disposition of its interests in certain shopping centers, as discussed in Note 6 to the consolidated financial statements.

2018 Dispositions During 2018, we recorded net gains of $288.8 million primarily related to disposition activity which included the foreclosure of two consolidated retail properties in satisfaction of their $200.0 million and $80.0 million non-recourse mortgage loans and, as discussed in Note 6, our interest in the German department store properties owned through our investment in HBS was sold during the fourth quarter of 2018. Also, as discussed further in Note 6, Klépierre disposed of its interests in certain shopping centers during 2018, resulting in a gain of which our share was $20.2 million.

5. Per Share and Per Unit Data We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit.

Simon

For the Year Ended December 31, 2020 2019 2018 Net Income attributable to Common Stockholders — Basic and Diluted $ 1,109,227 $ 2,098,247 $ 2,436,721 Weighted Average Shares Outstanding — Basic and Diluted 308,737,625 307,950,112 309,627,178

For the year ended December 31, 2020, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2020, 2019, and 2018. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared. On December 15, 2020, Simon’s Board of Directors declared a quarterly cash dividend for the fourth quarter of 2020 of $1.30 per share, payable on January 22, 2021 to shareholders of record on December 24, 2020. At December 31, 2020, we accrued the fourth quarter dividend of $486.9 million, recorded in dividends payable in the accompanying consolidated balance sheet, which was paid in cash on January 22, 2021.

112 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) The Operating Partnership

For the Year Ended December 31, 2020 2019 2018 Net Income attributable to Unitholders — Basic and Diluted $ 1,276,450 $ 2,416,945 $ 2,805,764 Weighted Average Units Outstanding — Basic and Diluted 355,281,882 354,724,019 356,520,452

For the year ended December 31, 2020, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2020, 2019, and 2018. We accrue distributions when they are declared. On December 15, 2020, Simon’s Board of Directors declared a quarterly cash distribution for the fourth quarter of 2020 of $1.30 per unit, payable on January 22, 2021 to unitholders of record on December 24, 2020. At December 31, 2020, we accrued the fourth quarter distribution of $486.9 million, recorded in distributions payable in the accompanying consolidated balance sheet, which was paid in cash on January 22, 2021. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows:

For the Year Ended December 31, 2020 2019 2018 Total dividends/distributions paid per common share/unit $ 6.00 $ 8.30 $ 7.90 Percent taxable as ordinary income 97.40 % 100.00 % 96.20 % Percent taxable as long-term capital gains 2.60 % 0.00 % 3.80 % 100.00% 100.00 % 100.00 %

6. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 84 properties as of December 31, 2020 and 82 properties as of December 31, 2019. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2020 and 2019, we had construction loans and other advances to these related parties totaling $88.4 million and $78.4 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Entity Transactions On December 29, 2020, we completed the acquisition of an 80% noncontrolling ownership interest in TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Under the terms of the transaction, we, through the Operating Partnership, acquired all of Taubman Centers, Inc., or Taubman, common stock for $43.00 per share

113 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) in cash. Total consideration for the acquisition, including the redemption of Taubman’s $192.5 million 6.5% Series J Cumulative Preferred Shares and its $170.0 million 6.25% Series K Cumulative Preferred Shares, and the issuance of 955,705 Operating Partnership units, was approximately $3.5 billion. Our investment includes the 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. The purchase price allocations are preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition. Substantially all of our investment has preliminarily been determined to relate to investment property based on estimated fair values at the acquisition date. On December 7, 2020, we and a group of co-investors acquired certain assets and liabilities of J.C. Penney, a department store retailer, out of bankruptcy. Our non-controlling interest in the venture is 41.67% and was acquired for cash consideration of $125.0 million. The purchase price allocations are preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $55.2 million, representing our equity method investment balance in three joint venture properties, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income. On February 19, 2020, we and a group of co-investors acquired certain assets and liabilities of Forever 21, a retailer of apparel and accessories, out of bankruptcy. The interest was acquired through two separate joint ventures, a licensing venture and an operating venture. Our noncontrolling interest in each of the retail operations venture and in the licensing venture is 37.5%. Our aggregate investment in the ventures was $67.6 million. In connection with the acquisition of our interest, the Forever 21 joint venture recorded a non-cash bargain purchase gain in the second quarter of which our share of $35.0 million pre-tax is included in income from unconsolidated entities in the consolidated statement of operations and comprehensive income. On October 16, 2019, we contributed approximately $276.8 million consisting of cash and the Shop Premium Outlets, or SPO, assets for a 45% noncontrolling interest in RGG to create a new multi-platform venture dedicated to digital value shopping. We attributed substantially all of our investment to goodwill and certain amortizing and non-amortizing intangibles. On September 19, 2019, as discussed in note 4, we acquired the remaining 50% interest in a hotel adjacent to one of our properties from our joint venture partner. As a result of this acquisition, we now own 100% of this property. During the first quarter of 2019, we disposed of our interests in a multi-family residential investment. Our share of the gross proceeds was $17.9 million. The gain of $16.2 million is included in other income in the accompanying consolidated statement of operations and comprehensive income. On September 25, 2018, as discussed in Note 4, we acquired the remaining 50% interest in The Outlets at Orange from our joint venture partner. The Operating Partnership issued 475,183 units at a price of $176.99 to acquire this remaining interest. As a result of this acquisition, we now own 100% of this property. As of December 31, 2020 and 2019, we had an 11.7% legal noncontrolling equity interest in HBS, a joint venture we formed with Hudson’s Bay Company. In the third quarter of 2020, we recorded an other-than-temporary impairment charge of $36.1 million, which is included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net, in the accompanying consolidated statement of operations and comprehensive income, to reduce our investment in HBS to its estimated fair value. In the fourth quarter of 2019, we recorded an impairment charge of $47.2 million to reduce our investment in HBS to its estimated fair value. During the fourth quarter of 2018, our interest in the German department store properties was sold to Hudson’s Bay Company and SIGNA Retail Holdings resulting in a gain of $91.1 million. These amounts are included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statements of operations and comprehensive income. On June 7, 2018, Aventura Mall, a property in which we own a noncontrolling 33.3% interest, refinanced its $1.2 billion mortgage loan and its $200.8 million construction loan with a $1.75 billion mortgage loan at a fixed interest rate of 4.12% that matures on July 1, 2028. An early repayment charge of $30.9 million was incurred at the property, which along with the write-off of deferred debt issuance costs of $6.5 million, is included in interest expense in the accompanying

114 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) combined joint venture statements of operations. Our $12.5 million share of the charge associated with the repayment is included in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Excess proceeds from the financing were distributed to the venture partners. In May 2017, Colorado Mills, a property in which we have a noncontrolling 37.5% interest, sustained significant hail damage. During the second quarter of 2017, the property recorded an impairment charge of approximately $32.5 million based on the net carrying value of the assets damaged, which was fully offset by anticipated insurance recoveries. For the year ended December 31, 2020, the property had received business interruption insurance proceeds and also property damage proceeds of $1.1 million. For the year ended December 31, 2019, the property had received business interruption proceeds and also property damage proceeds of $67.9 million, which resulted in the property recording a $3.0 million gain in 2019. For the year ended December 31, 2018, the property had received business interruption proceeds and also property damage proceeds of $65.9 million, which resulted in the property recording a $33.4 million gain in 2018. For the periods ended December 31, 2019 and 2018, respectively, our $1.1 million and $12.5 million share of the gain is reflected within the (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. In 2016, we and a group of co-investors acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy and subsequently renamed SPARC Group. The interests were acquired through two separate joint ventures, a licensing venture and an operating venture. In April 2018, we contributed our entire interest in the licensing venture in exchange for additional interests in ABG, a brand development, marketing, and entertainment company. As a result, we recognized a $35.6 million non-cash gain representing the increase in value of our previously held interest in the licensing venture, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. In January 2020, we acquired additional interests of 5.05% and 1.37% in SPARC Group and ABG, respectively, for $6.7 million and $33.5 million, respectively. During the third quarter of 2020, SPARC acquired certain assets and operations of Brooks Brothers and Lucky Brands out of bankruptcy. At December 31, 2020, our noncontrolling equity method interests in the operations venture of SPARC Group and in ABG were 50.0% and 6.8%, respectively.

International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2020, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $22.55 per share, which is below our carrying value. We have evaluated this investment and believe that the impairment is not other-than-temporary. Our share of net income, net of amortization of our excess investment, was $26.5 million, $145.2 million and $98.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $20.9 billion, $14.4 billion, and $1.4 billion, respectively, as of December 31, 2020 and $19.6 billion, $12.9 billion, and $1.3 billion, respectively, as of December 31, 2019. Klépierre’s total revenues, operating income before other items and consolidated net income were approximately $1.3 billion, $327.3 million and $211.2 million, respectively, for the year ended December 31, 2020, $1.5 billion, $626.3 million and $655.5 million, respectively, for the year ended December 31, 2019, and $1.6 billion, $670.4 million and $693.0 million, respectively, for the year ended December 31, 2018. During the year ended December 31, 2020, we recorded a $4.3 million net loss related to the impairment and disposition of certain assets of Klépierre. During the years ended December 31, 2019 and 2018, Klépierre completed the disposal of its interests in certain shopping centers and we recorded gains of $58.6 million and $20.2 million, respectively. These transactions are included in (loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

115 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) We have an interest in a European investee that had interests in ten Designer Outlet properties as of December 31, 2020 and nine Designer Outlet properties as of December 31, 2019 and 2018, respectively, in each case, six of which are consolidated by us. As of December 31, 2020, our legal percentage ownership interests in these properties ranged from 45% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. In addition, we have a 50.0% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we also have a direct minority ownership in three of those outlets. At December 31, 2020 and 2019, the carrying value of these equity instruments without readily determinable fair values was $140.8 million and is included in deferred costs and other assets. Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $216.8 million and $212.1 million as of December 31, 2020 and 2019, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $184.7 million and $173.9 million as of December 31, 2020 and 2019, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information A summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in HBS, Klépierre, and TRG as well as our retailer investments in ABG, Forever 21, J.C. Penney, RGG and SPARC Group, follows.

116 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) COMBINED BALANCE SHEETS

December 31, December 31, 2020 2019 Assets: Investment properties, at cost $ 20,079,476 $ 19,525,665 Less - accumulated depreciation 8,003,863 7,407,627 12,075,613 12,118,038 Cash and cash equivalents 1,169,422 1,015,864 Tenant receivables and accrued revenue, net 749,231 510,157 Right-of-use assets, net 185,598 185,302 Deferred costs and other assets 380,087 384,663 Total assets $ 14,559,951 $ 14,214,024 Liabilities and Partners’ Deficit: Mortgages $ 15,569,485 $ 15,391,781 Accounts payable, accrued expenses, intangibles, and deferred revenue 969,242 977,112 Lease liabilities 188,863 186,594 Other liabilities 426,321 338,412 Total liabilities 17,153,911 16,893,899 Preferred units 67,450 67,450 Partners’ deficit (2,661,410) (2,747,325) Total liabilities and partners’ deficit $ 14,559,951 $ 14,214,024 Our Share of: Partners’ deficit $ (1,130,713) $ (1,196,926) Add: Excess Investment 1,399,757 1,525,903 Our net Investment in unconsolidated entities, at equity $ 269,044 $ 328,977

“Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

117 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) As of December 31, 2020, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows:

2021 $ 2,435,875 2022 2,039,830 2023 1,393,115 2024 2,407,930 2025 1,771,762 Thereafter 5,551,458 Total principal maturities 15,599,970 Debt issuance costs (30,485) Total mortgages $ 15,569,485

This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.16% to 9.98% and a weighted average interest rate of 3.79% at December 31, 2020.

118 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) COMBINED STATEMENTS OF OPERATIONS

December 31, 2020 2019 2018 REVENUE: Lease income $ 2,544,134 $ 3,088,594 $ 3,045,668 Other income 300,634 322,398 326,575 Total revenue 2,844,768 3,410,992 3,372,243 OPERATING EXPENSES: Property operating 519,979 587,062 590,921 Depreciation and amortization 692,424 681,764 652,968 Real estate taxes 262,351 266,013 259,567 Repairs and maintenance 68,722 85,430 87,408 Advertising and promotion 67,434 89,660 87,349 Other 163,710 196,178 187,292 Total operating expenses 1,774,620 1,906,107 1,865,505 Operating Income Before Other Items 1,070,148 1,504,885 1,506,738 Interest expense (616,332) (636,988) (663,693) Gain on sale or disposal of assets and interests in unconsolidated entities, net — 24,609 33,367 Net Income $ 453,816 $ 892,506 $ 876,412 Third-Party Investors’ Share of Net Income $ 226,364 $ 460,696 $ 436,767 Our Share of Net Income $ 227,452 $ 431,810 $ 439,645 Amortization of Excess Investment (82,097) (83,556) (85,252) Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements — (9,156) — Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net — (1,133) (12,513) Income from Unconsolidated Entities $ 145,355 $ 337,965 $ 341,880

Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in HBS, Klépierre, and TRG as well as our retailer investments in ABG, Forever 21, J.C. Penney, RGG, and SPARC Group, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.

119 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) 7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31:

2020 2019 Fixed-Rate Debt: Mortgage notes, including $3,348 and $6,775 of net premiums and $15,237 and $15,195 of debt issuance costs, respectively. Weighted average interest and maturity of 3.84% and 4.1 years at December 31, 2020. $ 5,803,718 $ 6,156,595 Unsecured notes, including $22,470 and $54,976 of net discounts and $74,622 and $70,297 of debt issuance costs, respectively. Weighted average interest and maturity of 2.98% and 7.3 years at December 31, 2020. 16,985,990 15,747,267 Commercial Paper (see below) 623,020 1,327,050 Total Fixed-Rate Debt 23,412,728 23,230,912 Variable-Rate Debt: Mortgages notes, including $7,102 and $4,721 of debt issuance costs, respectively. Weighted average interest and maturity of 2.19% and 2.3 years at December 31, 2020. 1,137,034 751,130 Credit Facilities (see below), including $16,171 and $11,067 of debt issuance costs, respectively, at December 31, 2020. 2,108,829 113,933 Total Variable-Rate Debt 3,245,863 865,063 Other Debt Obligations 64,770 67,255 Total Mortgages and Unsecured Indebtedness $ 26,723,361 $ 24,163,230

General. Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2020, we were in compliance with all covenants of our unsecured debt. At December 31, 2020, our consolidated subsidiaries were the borrowers under 46 non-recourse mortgage notes secured by mortgages on 49 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2020, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

Unsecured Debt At December 31, 2020, our unsecured debt consisted of $17.1 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, $2.0 billion outstanding under the $2.0 billion delayed-draw term loan facility, or Term Facility, and $623.0 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program.

120 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) On March 16, 2020, the Operating Partnership replaced in its entirety its existing $4.0 billion unsecured revolving credit facility by entering into an unsecured credit facility comprised of (i) an amendment and extension of the Credit Facility and (ii) the Term Facility, or together with the Credit Facility and the Operating Partnership’s $3.5 billion unsecured revolving credit facility, or Supplemental Facility, the Facilities. The Credit Facility and the Term Facility can be increased in the form of either additional commitments under the Credit Facility or incremental term loans under the Term Facility in an aggregate amount for all such increases not to exceed $1.0 billion, for a total aggregate size of $7.0 billion, in each case, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of the maximum revolving credit amount, as defined. The initial maturity date of the Term Facility and Credit Facility are June 30, 2022 and June 30, 2024, respectively. Each of the Term Facility and Credit Facility can be extended for two additional six-month periods to June 30, 2023 and June 30, 2025, respectively, at our sole option, subject to satisfying certain customary conditions precedent. The Term Facility was available via a single draw during the nine-month period following March 16, 2020, which the Operating Partnership drew on December 15, 2020. Borrowings under the Credit Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.65% and 1.40% or (ii) the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) (the “Base Rate”), plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.000% and 0.40%. The Credit Facility includes a facility fee determined by the Operating Partnership’s corporate credit rating of between 0.10% and 0.30% on the aggregate revolving commitments under the Credit Facility. The Credit Facility contains a money market competitive bid option program that allows the Operating Partnership to hold auctions to achieve lower pricing for short-term borrowings. Borrowings under the Term Facility bear interest, at the Operating Partnership’s election, at either (i) LIBOR plus a margin determined based on the Operating Partnership’s corporate credit rating of between 0.725% and 1.60% or (ii) the base rate (equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% or LIBOR plus 1.00%) plus a margin determined by the Operating Partnership’s corporate credit rating of between 0.00% and 0.60%. The Term Facility includes a ticking fee equal to 0.10% of the unused term loan commitment under the Term Facility, which ticking fee shall commence accruing on the date that is forty-five days after the closing of the Term Facility. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility was extended to June 30, 2022 and can be extended for an additional year to June 30, 2023 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Supplemental Facility is LIBOR plus 77.5 basis points, with an additional facility fee of 10 basis points. On December 31, 2020, we had an aggregate available borrowing capacity of $6.7 billion under the Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2020 was $3.9 billion and the weighted average outstanding balance was $1.8 billion. Letters of credit of $12.3 million were outstanding under the Facilities as of December 31, 2020. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facility and the Supplemental Facility, or together the Credit Facilities, and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2020, we had $623.0 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 0.29%. These borrowings have a weighted average maturity date of February 19, 2021 and reduce amounts otherwise available under the Credit Facilities.

121 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) On July 9, 2020, the Operating Partnership completed the issuance of the following senior unsecured notes: $500.0 million with a fixed interest rate of 3.50%, $750 million with a fixed interest rate of 2.650%, and $750 million with a fixed interest rate of 3.80%, with maturity dates of September 2025 (the “2025” Notes”), June 2030, and June 2050, respectively. The 2025 Notes were issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.50% senior notes due September 2025 on August 17, 2015. Proceeds from the unsecured notes offering funded the optional redemption at par of senior unsecured notes in July and August 2020, as discussed below, and repaid a portion of the indebtedness under the Facilities. On July 10, 2020 the Operating Partnership repaid $1.75 billion under the Credit Facility and $750.0 million under the Supplemental Facility. On July 22, 2020, the Operating Partnership completed the optional redemption at par of its $500 million 2.50% notes due September 1, 2020. On August 6, 2020 the Operating Partnership completed the optional redemption at par of its €375 million 2.375% notes due October 2, 2020. On January 21, 2021 the Operating Partnership completed the issuance of the following senior unsecured notes: $800 million with a fixed interest rate of 1.750%, and $700 million with a fixed interest rate of 2.20%, with maturity dates of January 2028 and 2031, respectively. On January 27, 2021 the Operating Partnership completed the planned optional redemption of its $550 million 2.50% notes due on July 15, 2021, including the make-whole amount. Further, on February 2, 2021 the Operating Partnership repaid $750 million under the Term Facility. On October 7, 2019 the Operating Partnership completed the early redemption of its $900 million 4.375% notes due March 1, 2021, $700 million 4.125% notes due December 1, 2021, $600 million 3.375% notes due March 15, 2022 and €375 million of the €750 million 2.375% notes due October 2, 2020. We recorded a $116.3 million loss on extinguishment of debt in the fourth quarter of 2019 as a result of the early redemption.

Mortgage Debt Total mortgage indebtedness was $7.0 billion and $6.9 billion at December 31, 2020 and 2019, respectively.

122 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2020, assuming the obligations remain outstanding through the initial maturities, are as follows:

2021 $ 2,322,729 (1) 2022 2,837,586 2023 3,827,278 2024 2,929,639 2025 3,105,056 Thereafter 11,768,557 Total principal maturities 26,790,845 Net unamortized debt premium 35,077 Net unamortized debt discount (54,199) Debt issuance costs, net (113,132) Other Debt Obligations 64,770 Total mortgages and unsecured indebtedness $ 26,723,361

(1) Includes $623.0 million in Global Commercial Paper. Our cash paid for interest in each period, net of any amounts capitalized, was as follows:

For the Year Ended December 31, 2020 2019 2018 Cash paid for interest $ 754,306 $ 803,728 $ 811,971

Debt Issuance Costs Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows:

2020 2019 Debt issuance costs $ 202,859 $ 187,514 Accumulated amortization (89,727) (86,234) Debt issuance costs, net $ 113,132 $ 101,280

We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows:

For the Year Ended December 31, 2020 2019 2018 Amortization of debt issuance costs $ 23,076 $ 21,499 $ 21,445 Amortization of debt discounts/(premiums) 174 1,571 1,618

123 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including commercial paper was $23.4 billion and $23.2 billion as of December 31, 2020 and 2019, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:

December 31, December 31, 2020 2019 Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) $ 25,327 $ 23,231 Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages 2.41 % 3.75 % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness 2.63 % 3.67 %

8. Equity Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock. Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders.

Common Stock and Unit Issuances and Repurchases In 2020, Simon issued 293,204 shares of common stock to 20 limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2020, the Operating Partnership redeemed 116,658 units from four limited partners for $16.1 million in cash. In 2019, Simon issued 24,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the year ended December 31, 2019, the Operating Partnership redeemed 43,255 units from nine limited partners for $6.8 million in cash. These transactions increased Simon’s ownership interest in the Operating Partnership. On December 29, 2020, the Operating Partnership issued 955,705 units in connection with the acquisition of an 80% ownership interest in TRG, as discussed in Note 6.

124 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) On November 18, 2020, we issued 22,137,500 shares of common stock in a public offering at a price of $72.50 per share, before underwriting discounts and commissions. A portion of the $1.6 billion proceeds from the offering, net of issue costs, were used to fund the Operating Partnership’s acquisition of an 80% ownership interest in TRG. On September 25, 2018, the Operating Partnership issued 475,183 units in connection with the acquisition of the remaining 50% interest in The Outlets at Orange, as discussed in Note 4. On February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the previously authorized $2.0 billion common stock repurchase plan through March 31, 2019. On February 11, 2019, Simon's Board of Directors authorized a new common stock repurchase plan. Under the program, the Company could purchase up to $2.0 billion of its common stock during the two-year period ending February 11, 2021. Simon may repurchase the shares in the open market or in privately negotiated transactions as market conditions warrant. During the year ended December 31, 2020, Simon purchased 1,245,654 shares at an average price of $122.50 per share. During the year ended December 31, 2019, Simon purchased 2,247,074 shares at an average price of $160.11 per share, of which 46,377 shares at an average price of $164.49 were purchased as part of the previous program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon.

Temporary Equity Simon Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining noncontrolling interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2020 and 2019. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31.

2020 2019 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 160,355 193,524 Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties $ 185,892 $ 219,061

7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the

125 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2020 and 2019.

The Operating Partnership The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining noncontrolling interests in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within equity and are presented in the consolidated statements of equity in the line issuance of unit equivalents and other. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2020 and 2019. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31.

2020 2019 7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding $ 25,537 $ 25,537 Other noncontrolling redeemable interests in properties 160,355 193,524 Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties $ 185,892 $ 219,061

7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at

liquidation value in the consolidated balance sheets at December 31, 2020 and 2019.

Permanent Equity Simon Preferred Stock. Dividends on all series of preferred stock are calculated based upon the preferred stock’s preferred return multiplied by the preferred stock’s corresponding liquidation value. The Operating Partnership pays preferred distributions to Simon equal to the dividends Simon pays on the preferred stock issued.

3 3 Series J 8 /8% Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 8 /8% per share. Simon can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The

126 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) unamortized premium included in the carrying value of the preferred stock at December 31, 2020 and 2019 was $2.2 million and $2.6 million, respectively.

The Operating Partnership

3 Series J 8 /8% Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 3 3 8 /8% per unit on the Series J 8 /8% preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2020 and 2019 was $2.2 million and $2.6 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding.

Other Equity Activity The Simon Property Group 1998 Stock Incentive Plan, as amended. This plan, or the 1998 plan, provides for the grant of equity-based awards with respect to the equity of Simon in the form of options to purchase shares, stock appreciation rights, restricted stock grants and performance-based unit awards. No options have been granted to executives or other employees since 2001, however options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of common stock have been reserved for issuance under the 1998 plan. The 1998 plan is administered by the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director. In accordance with its terms, the 1998 Plan expired on December 31, 2018. The shares of common stock that were available for grant under the 1998 Plan at the time of its expiration are not available for grant under the 2019 Plan. The Simon Property Group, L.P. 2019 Stock Incentive Plan. This plan, or the 2019 Plan, provides for the grant of equity-based awards with respect to the equity of Simon in the form of incentive and nonqualified stock options to purchase shares, stock appreciation rights, restricted stock grants and performance-based awards. Options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code

127 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) and options which are not so qualified. An aggregate of 8,000,000 shares of common stock have been reserved under the 2019 plan. The 2019 Plan is administered by the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 2019 Plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 2019 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Governance and Nominating Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director.

Stock Based Compensation Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are either market or performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP Programs. The Compensation Committee has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior employees. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, which are subject to the participant maintaining employment with us through certain dates and other conditions as described in the applicable award agreements. Awarded LTIP units not earned in accordance with the conditions set forth in the applicable award agreements are forfeited. Earned and fully vested LTIP units are equivalent to units of the Operating Partnership. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share. In 2018, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2018 LTIP program. Awards under the 2018 LTIP program were granted in two tranches, Tranche A LTIP units and Tranche B LTIP units. Each of the Tranche A LTIP units and the Tranche B LTIP units will be considered earned if, and only to the extent to which, the respective goals based on Funds From Operations, or FFO, per share or Relative TSR Goal performance criteria, as defined in the applicable award agreements, are achieved during the applicable two-year and three-year performance periods of the Tranche A LTIP units and Tranche B LTIP units, respectively. One half of the earned Tranche A LTIP units will vest on January 1, 2021 with the other one-half vesting on January 1, 2022. All of the earned Tranche B LTIP units will vest on January 1, 2022.

128 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) The grant date fair value of the portion of the LTIP units based on achieving the target FFO performance criteria is $6.1 million for the Tranche A LTIP units and the Tranche B LTIP units, for a total of $12.1 million. The 2018 LTIP program provides that the value of the FFO-based award may be adjusted up or down based on the Company’s performance compared to the target FFO performance criteria and has a maximum potential fair value of $18.2 million. In 2019, the Compensation Committee established and granted awards under a redesigned LTIP program, or the 2019 LTIP program. Awards under the 2019 LTIP program will be considered earned if, and only to the extent to which, the respective performance conditions (based on Funds From Operations, or FFO, per share, and Objective Criteria Goals) and market conditions (based on Relative TSR performance), as defined in the applicable award agreements, are achieved during the applicable three-year measurement period, subject to the recipient’s continued employment through the vesting date. All of the earned LTIP units under the 2019 LTIP program will vest on January 1, 2023. The 2019 LTIP program provides that the amount earned of the performance-based portion of the awards is dependent on Simon’s performance compared to certain criteria and has a maximum potential fair value at issuance of $22.1 million. The grant date fair values of any LTIP units for market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the required service is delivered. The grant date fair values of the market-based awards are being amortized into expense over the period from the grant date to the date at which the awards, if earned, would become vested. The expense of the performance-based award is recorded over the period from the grant date to the date at which the awards, if earned, would become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods. The Compensation Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were earned, and the aggregate grant date fair value, are as follows:

Grant Date Target Grant Date Fair Value Value of Performance- LTIP Program LTIP Units Earned of TSR Award Based Awards 2018 LTIP program - Tranche A 38,148 $6.1 million $6.1 million 2018 LTIP program - Tranche B To be determined in 2021 $6.1 million $6.1 million 2019 LTIP program To be determined in 2022 $9.5 million $14.7 million We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $1.9 million, $15.8 million, and $12.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Stock and Restricted Stock Units. The 1998 and 2019 plans also provide for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2020 a total of 5,858,453 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan, and 481,837 shares of restricted stock and restricted stock units have been awarded under the 2019 plan. During 2020, the Compensation Committee established a one-time grant of 312,263 time-based restricted stock units under the 2019 Plan at a weighted average fair market value of $84.37 per share. These awards will vest, subject to the grantee's continued service on each applicable vesting date, in one-third increments on January 1, 2022, January 1,

129 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) 2023, and January 1, 2024. The grant date fair value of the awards of $26.3 million is being recognized as expense over the three-year vesting service period. Information regarding restricted stock awards is summarized in the following table for each of the years presented:

For the Year Ended December 31, 2020 2019 2018 Shares of restricted stock awarded during the year, net of forfeitures 462,966 90,902 51,756 Weighted average fair value of shares granted during the year $ 73.28 $ 181.94 $ 153.24 Annual amortization $ 11,660 $ 12,604 $ 12,029 We recorded compensation expense, net of capitalization, related to restricted stock for employees and non- employee directors of approximately $10.3 million, $11.0 million, and $7.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s Chairman, Chief Executive Officer and President, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units would become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific FFO per share goals. Because the performance criteria has been met, a maximum of 360,000 LTIP units, or the A units, 360,000 LTIP units, or the B units, and 280,000 LTIP units, or the C units, became earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. If the relevant performance criteria had not been achieved, all or a portion of the Current Award would have been forfeited. The earned A units vested on January 1, 2018, earned B units vested on January 1, 2019 and earned C units vested on June 30, 2019. The grant date fair value of the retention award of $120.3 million was recognized as expense over the eight-year term of his employment agreement on a straight-line basis based on the applicable vesting periods of the A units, B units and C units. We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees.

Exchange Rights Simon Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2020, Simon had reserved 54,751,265 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock.

The Operating Partnership Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed,

130 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged. 9. Lease Income As discussed in Note 3, fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items including negative variable lease income as discussed in Note 3.

For the Year Ended December 31, 2020 2019 2018 Fixed lease income $ 3,871,395 $ 4,293,401 $ 4,185,174 Variable lease income 430,972 950,370 973,246 Total lease income $ 4,302,367 $ 5,243,771 $ 5,158,420

Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $597.6 million and $618.4 million at December 31, 2020 and 2019, respectively. Minimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and amounts deferred in relation to the COVID-19 pandemic, which with respect to deferrals are expected to be collected primarily in 2021, as of December 31, 2020, is as follows:

2021 $ 3,224,624 2022 2,806,916 2023 2,374,565 2024 1,939,967 2025 1,540,214 Thereafter 3,943,703 $ 15,829,989

10. Commitments and Contingencies

Litigation We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity, or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. During the first quarter of 2019, we settled a lawsuit with our former insurance broker, Aon Risk Services Central Inc., related to the significant flood damage sustained at Opry Mills in May 2010. In accordance with a previous agreement with the prior co-investor in Opry Mills, a portion of the settlement was remitted to the co-investor. Our share of the settlement was approximately $68.0 million, which was recorded as other income in the accompanying consolidated statement of operations and comprehensive income.

131 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Lease Commitments As of December 31, 2020, a total of 23 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2021 to 2090, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2021 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows:

For the Year Ended December 31, 2020 2019 Operating Lease Cost Fixed lease cost $ 31,404 $ 31,000 Variable lease cost 13,270 16,833 Sublease income (746) (694) Total operating lease cost $ 43,928 $ 47,139

For the year ended December 31, 2018, we incurred $47,320 of lease expense.

For the Year Ended December 31, 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 44,570 $ 48,519

Weighted-average remaining lease term - operating leases 34.4 35.6 Weighted-average discount rate - operating leases 4.86% 4.87%

Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows:

2021 $ 32,787 2022 32,812 2023 32,953 2024 33,087 2025 33,098 Thereafter 886,336 $ 1,051,073 Impact of discounting (535,581) Operating lease liabilities $ 515,492

132 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) Insurance We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third-party carriers may be insured through our wholly-owned captive insurance company, Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. If required, a third-party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s insurance policy with us. A similar insurance policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.

Hurricane Impacts During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $81.1 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $47.5 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2020 and 2019, we recorded $5.2 million and $10.5 million, respectively, as business interruption income, which was recorded in other income in the accompanying consolidated statements of operations and comprehensive income. During the third quarter of 2020, one of our properties located in Texas experienced property damage and business interruption as a result of Hurricane Hanna. We wrote-off assets of approximately $9.6 million, and recorded an insurance recovery receivable, and have received $14.3 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable. During the third quarter of 2020, one of our properties located in Louisiana experienced property damage and business interruption as a result of Hurricane Laura. We wrote-off assets of approximately $11.1 million and recorded an insurance recovery receivable, and have received $20.6 million of insurance proceeds from third-party carriers. The proceeds were used for property restoration and remediation and reduced the insurance recovery receivable.

Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31,2020 and 2019, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $219.2 million and $214.8 million, respectively. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which have estimated fair values in excess of the guaranteed amount.

Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

133 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) COVID-19 On March 11, 2020, the World Health Organization declared the novel strain of coronavirus, or COVID-19, a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic has already had a significant negative impact on economic and market conditions around the world in 2020, and, notwithstanding the fact that vaccines have started to be administered in the United States and elsewhere, the pandemic continues to adversely impact economic activity in real estate. The impact of the COVID-19 pandemic continues to evolve and governments and other authorities, including where we own or hold interests in properties, have imposed measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home, shelter-in-place orders, density limitations and social distancing measures. Governments and other authorities are in varying stages of lifting or modifying some of these measures, however certain governments and other authorities have already been forced to, and others may in the future, reinstate these measures or impose new, more restrictive measures, if the risks, or the tenants’ and consumers’ perception of the risks, related to the COVID-19 pandemic worsen at any time. Although tenants and consumers have been adapting to the COVID-19 pandemic, with tenants adding services like curbside pickup, and while consumer risk-tolerance is evolving, such adaptations and evolution may take time, and there is no guarantee that retail will return to pre-pandemic levels even once the pandemic subsides. As a result of the COVID-19 pandemic and these measures, the Company may experience material impacts including changes in the ability to recognize revenue due to changes in our assessment of the probability of collection of lease income and asset impairment charges as a result of changing cash flows generated by our properties.

As of October 7, 2020, all of our domestic properties and certain of our retailer investments had reopened. 11. Related Party Transactions Transactions with Affiliates Our management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.6 million in each of 2020, 2019 and 2018. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and Herbert Simon have ownership interests, for which we received a fee of $3.3 million, $3.9 million, and $4.2 million in 2020, 2019, and 2018, respectively. Transactions with Unconsolidated Joint Ventures As described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures. Amounts received for such services were $92.7 million, $108.2 million, and $111.5 million in 2020, 2019, and 2018, respectively. During 2020, 2019, and 2018, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $13.1 million, $14.8 million, and $16.0 million, respectively. The fees related to our international investments are included in other income in the accompanying consolidated statements of operations and comprehensive income. Neither MSA, David Simon, or Herb Simon have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership. We have investments in retailers including Forever 21, J.C. Penney, and SPARC Group, and these retailers are lessees at certain of our operating properties. Lease income from the date of our investments in our consolidated statements of operations and comprehensive income related to these retailers was $54.1 million, $20.9 million, and $20.0 million for the years ended December 31, 2020, 2019, and 2018, respectively, net of elimination.

134 Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions) 12. Quarterly Financial Data (Unaudited) Quarterly 2020 and 2019 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding.

First Second Third Fourth Quarter Quarter Quarter Quarter 2020 Total revenue $ 1,353,360 $ 1,062,041 $ 1,060,674 $ 1,131,429 Operating income before other items 654,869 450,868 404,024 462,047 Consolidated net income 505,404 290,548 168,646 312,726 Simon Property Group, Inc. Net income attributable to common stockholders $ 437,605 $ 254,213 $ 145,926 $ 271,483 Net income per share — Basic and Diluted $ 1.43 $ 0.83 $ 0.48 $ 0.86 Weighted average shares outstanding — Basic and Diluted 306,504,084 305,882,326 305,913,431 316,595,345 Simon Property Group, L.P. Net income attributable to unitholders $ 504,263 $ 292,863 $ 168,086 $ 311,238 Net income per unit — Basic and Diluted $ 1.43 $ 0.83 $ 0.48 $ 0.86 Weighted average units outstanding — Basic and Diluted 353,191,960 352,410,392 352,420,845 363,050,401 2019 Total revenue $ 1,452,834 $ 1,397,186 $ 1,416,554 $ 1,488,615 Operating income before other items 745,021 680,631 705,302 776,876 Consolidated net income 631,947 572,102 628,724 590,416 Simon Property Group, Inc. Net income attributable to common stockholders $ 548,475 $ 495,324 $ 544,254 $ 510,194 Net income per share — Basic and Diluted $ 1.78 $ 1.60 $ 1.77 $ 1.66 Weighted average shares outstanding — Basic and Diluted 308,978,053 308,708,798 307,275,230 306,868,960 Simon Property Group, L.P. Net income attributable to unitholders $ 631,551 $ 570,389 $ 627,074 $ 587,931 Net income per unit — Basic and Diluted $ 1.78 $ 1.60 $ 1.77 $ 1.66 Weighted average units outstanding — Basic and Diluted 355,778,250 355,491,396 354,038,110 353,619,579

135 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Simon Management's Evaluation of Disclosure Controls and Procedures Simon maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to Simon’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met. Our management, with the participation of Simon’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of Simon’s disclosure controls and procedures as of December 31, 2020. Based on that evaluation, Simon’s Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2020, Simon’s disclosure controls and procedures were effective at a reasonable assurance level. Management's Report on Internal Control Over Financial Reporting Simon is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) under the Exchange Act as a process designed by, or under the supervision of, Simon’s principal executive and principal financial officers and effected by Simon’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and disposition of assets;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We assessed the effectiveness of Simon’s internal control over financial reporting as of December 31, 2020. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on that assessment and criteria, we believe that, as of December 31, 2020, Simon’s internal control over financial reporting was effective. Attestation Report of the Registered Public Accounting Firm The audit report of Ernst & Young LLP on their assessment of Simon's internal control over financial reporting as of December 31, 2020 is set forth within Item 8 of this Form 10-K. Changes in Internal Control Over Financial Reporting There have not been any changes in Simon's internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, Simon's internal control over financial reporting.

136 The Operating Partnership Management's Evaluation of Disclosure Controls and Procedures The Operating Partnership maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including Simon’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met. Our management, with the participation of Simon’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Operating Partnership’s disclosure controls and procedures as of December 31, 2020. Based on that evaluation, Simon’s Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2020, the Operating Partnership’s disclosure controls and procedures were effective at a reasonable assurance level. Management's Report on Internal Control Over Financial Reporting The Operating Partnership is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) under the Exchange Act as a process designed by, or under the supervision of, Simon’s principal executive and principal financial officers and effected by Simon’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and disposition of assets;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We assessed the effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31, 2020. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on that assessment and criteria, we believe that, as of December 31, 2020, the Operating Partnership’s internal control over financial reporting was effective. Attestation Report of the Registered Public Accounting Firm The audit report of Ernst & Young LLP on their assessment of the Operating Partnership’s internal control over financial reporting as of December 31, 2020 is set forth within Item 8 of this Form 10-K. Changes in Internal Control Over Financial Reporting There have not been any changes in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

137 Item 9B. Other Information During the fourth quarter of the year covered by this Annual Report on Form 10-K, the Audit Committee of Simon’s Board of Directors approved certain audit, audit-related and non-audit tax compliance and tax consulting services to be provided by Ernst & Young LLP, our independent registered public accounting firm. This disclosure is made pursuant to Section 10A(i)(2) of the Exchange Act as added by Section 202 of the Sarbanes-Oxley Act of 2002.

Part III Item 10. Directors, Executive Officers and Corporate Governance The information required by this item is incorporated herein by reference to the definitive proxy statement for Simon’s 2021 annual meeting of stockholders to be filed with the SEC pursuant to Regulation 14A and the information included under the caption "Information about our Executive Officers" in Part I hereof. Item 11. Executive Compensation The information required by this item is incorporated herein by reference to the definitive proxy statement for Simon’s 2021 annual meeting of stockholders to be filed with the SEC pursuant to Regulation 14A.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item is incorporated herein by reference to the definitive proxy statement for Simon’s 2021 annual meeting of stockholders to be filed with the SEC pursuant to Regulation 14A.

Item 13. Certain Relationships and Related Transactions and Director Independence The information required by this item is incorporated herein by reference to the definitive proxy statement for Simon’s 2021 annual meeting of stockholders to be filed with the SEC pursuant to Regulation 14A.

Item 14. Principal Accountant Fees and Services The information required by this item is incorporated herein by reference to the definitive proxy statement for Simon’s 2020 annual meeting of stockholders to be filed with the SEC pursuant to Regulation 14A. The Audit Committee of Simon's Board of Directors pre-approves all audit and permissible non-audit services to be provided by Ernst & Young LLP, or Ernst & Young, Simon’s and the Operating Partnership’s independent registered public accounting firm, prior to commencement of services. The Audit Committee has delegated to the Chairman of the Audit Committee the authority to pre-approve specific services up to specified individual and aggregate fee amounts. These pre- approval decisions are presented to the full Audit Committee at the next scheduled meeting after such approvals are made. We have incurred fees as shown below for services from Ernst & Young as Simon’s and the Operating Partnership’s independent registered public accounting firm and for services provided to our managed consolidated and joint venture properties and our consolidated non-managed properties. Ernst & Young has advised us that it has billed or will bill these indicated amounts for the following categories of services for the years ended December 31, 2020 and 2019, respectively:

2020 2019 Audit Fees (1) $ 4,707,000 $ 4,230,000 Audit Related Fees (2) 5,068,000 4,835,000 Tax Fees (3) 359,000 266,000 All Other Fees — —

(1) Audit Fees include fees for the audits of the financial statements and the effectiveness of internal control over financial reporting and quarterly reviews for Simon and the Operating Partnership and services associated with the related SEC registration statements, periodic reports, and other documents issued in connection with securities offerings.

138 (2) Audit-Related Fees include audits of individual or portfolios of properties and schedules to comply with lender, joint venture partner or contract requirements and due diligence services for our managed consolidated and joint venture entities and our consolidated non-managed entities. Our share of these Audit-Related Fees was approximately 60% and 59% for the years ended 2020 and 2019, respectively. (3) Tax Fees include fees for international and other tax consulting services, tax due dilligence and tax return compliance services associated with the tax returns for certain managed joint ventures as well as other miscellaneous tax compliance services. Our share of these Tax Fees was approximately 81% and 65% for 2020 and 2019, respectively.

139 Part IV

Item 15. Exhibits and Financial Statement Schedules

Page No. (a) (1) Financial Statements The following consolidated financial statements of Simon Property Group, Inc. and Simon Property Group, L.P. are set forth in Part II, item 8.

Reports of Independent Registered Public Accounting Firm 79 Consolidated Financial Statements of Simon Property Group, Inc. Consolidated Balance Sheets as of December 31, 2020 and 2019 87 Consolidated Statements of Operations and Comprehensive Income for the years

ended December 31, 2020, 2019 and 2018 88 Consolidated Statements of Cash Flows for the years ended December 31, 2020,

2019 and 2018 89 Consolidated Statements of Equity for the years ended December 31, 2020, 2019

and 2018 90 Consolidated Financial Statements of Simon Property Group, L.P. Consolidated Balance Sheets as of December 31, 2020 and 2019 92 Consolidated Statements of Operations and Comprehensive Income for the years

ended December 31, 2020, 2019 and 2018 93 Consolidated Statements of Cash Flows for the years ended December 31, 2020,

2019 and 2018 94 Consolidated Statements of Equity for the years ended December 31, 2020, 2019

and 2018 95

Notes to Consolidated Financial Statements 97 (2) Financial Statement Schedule Simon Property Group, Inc. and Simon Property Group, L.P. Schedule III — Schedule of

Real Estate and Accumulated Depreciation 148

Notes to Schedule III 152 Other financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. (3) Exhibits

The Exhibit Index attached hereto is hereby incorporated by reference to this Item. 141

Item 16. Form 10-K Summary

None.

140 EXHIBIT INDEX

Exhibits 2.1 Separation and Distribution Agreement by and among Simon Property Group, Inc., Simon Property Group, L.P., Inc. and Washington Prime Group, L.P., dated as of May 27, 2014 (incorporated by

reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed May 29, 2014).

2.2 Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2020, by and among the Taubman Parties and the Simon Parties (incorporated by reference to exhibit 2.1 of Simon Property Group Inc.’s and Simon

Property Group L.P.’s Current Report on Form 8-K filed on November 16, 2020).

3.1 Restated Certificate of Incorporation of Simon Property Group, Inc. (incorporated by reference to Appendix A of

Simon Property Group, Inc.’s Proxy Statement on Schedule 14A filed March 27, 2009).

3.2 Amended and Restated By-Laws of Simon Property Group, Inc. as adopted on March 20, 2017 (incorporated by

reference to Exhibit 3.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed March 24, 2017).

3 3.3 Certificate of Powers, Designations, Preferences and Rights of the 8 /8% Series J Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 of Simon Property Group, Inc.’s Current Report

on Form 8-K filed October 20, 2004).

3.4 Certificate of Designation of Series A Junior Participating Redeemable Preferred Stock (incorporated by reference to

Exhibit 3.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed May 15, 2014).

3.5 Second Amended and Restated Certificate of Limited Partnership of the Limited Partnership (incorporated by

reference to Exhibit 3.1 of Simon Property Group, L.P.'s Annual Report on Form 10-K filed March 31, 2003).

3.6 Eighth Amended and Restated Limited Partnership Agreement of Simon Property Group, L.P. dated as of May 8, 2008 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed

May 9, 2008).

3.7 Certificate of Designation of Series B Junior Participating Redeemable Preferred Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 3.1 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed

August 8, 2014).

3.8 Agreement between Simon Property Group, Inc. and Simon Property Group, L.P. dated March 7, 2007, but effective as of August 27, 1999, regarding a prior agreement filed under an exhibit 99.1 to Form S-3/A of Simon Property Group, L.P. on November 20, 1996 (incorporated by reference to Exhibit 3.4 of Simon Property Group, L.P.'s Annual

Report on Form 10-K filed March 16, 2007).

3.9 Agreement between Simon Property Group, Inc. and Simon Property Group, L.P. dated April 29, 2009, but effective as of October 14, 2004, regarding redemption of the Registrant's Series I Preferred Units (incorporated by reference

to Exhibit 3.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 8, 2009).

4.1(a) Indenture, dated as of November 26, 1996, by and among Simon Property Group, L.P. and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.1 of Simon Property Group, L.P.'s Registration Statement on

Form S-3 filed October 21, 1996 (Reg. No. 333-11491)).

4.2 Description of Each Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of

1934.

9.1 Second Amended and Restated Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between Melvin Simon & Associates, Inc., on the one hand and Melvin Simon, Herbert Simon and David Simon on the other hand (incorporated by reference to Exhibit 9.1 of Simon Property Group, Inc.’s Quarterly Report on

Form 10-Q filed May 10, 2004).

9.2 Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between David Simon, Melvin Simon and Herbert Simon (incorporated by reference to Exhibit 9.2 of Simon Property Group, Inc.’s Quarterly Report

on Form 10-Q filed May 10, 2004).

141

Exhibits 10.1 Form of the Indemnity Agreement between Simon Property Group, Inc. and its directors and officers (incorporated by reference to Exhibit 10.7 of Simon Property Group, Inc.’s Form S-4 filed August 13, 1998 (Reg. No. 333-61399)).

10.2 Registration Rights Agreement, dated as of September 24, 1998, by and among Simon Property Group, Inc. and the persons named therein (incorporated by reference to Exhibit 4.4 of Simon Property Group, Inc.’s Current Report on

Form 8-K filed October 9, 1998).

10.3 Registration Rights Agreement, dated as of August 27, 1999, by and among Simon Property Group, Inc. and the persons named therein (incorporated by reference to Exhibit 4.4 of the Registration Statement on Form S-3 filed

March 24, 2004 (Reg. No. 333-113884)).

10.4 Registration Rights Agreement, dated as of November 14, 1997, by and between O’Connor Retail Partners, L.P. and Simon DeBartolo Group, Inc. (incorporated by reference to Exhibit 4.8 of the Registration Statement on Form S-3

filed December 7, 2001 (Reg. No. 333-74722)).

10.5* Simon Property Group, L.P. Amended and Restated 1998 Stock Incentive Plan (incorporated by reference to

Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 10, 2014).

10.6* Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed

March 16, 2005).

10.7* Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.9 of Simon Property Group, Inc.’s Annual Report on

Form 10-K filed February 28, 2007).

10.8* Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 of Simon Property Group, Inc.’s Annual Report on

Form 10-K filed March 16, 2005).

10.9* Employment Agreement between Simon Property Group, Inc. and David Simon effective as of July 6, 2011 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7,

2011).

10.10* First Amendment to Employment Agreement between Simon Property Group, Inc. and David Simon, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on

Form 8-K filed April 4, 2013).

10.11* Non-Qualified Deferred Compensation Plan dated as of December 31, 2008 (incorporated by reference to

Exhibit 10.1 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed November 5, 2009).

10.12* Amendment — 2008 Performance Based-Restricted Stock Agreement dated as of March 6, 2009 (incorporated by

reference to Exhibit 10.2 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed November 5, 2009).

10.13* Certificate of Designation of Series 2010 LTIP Units of Simon Property Group, L.P. (incorporated by reference to

Exhibit 10.4 of Simon Property Group, Inc.'s Current Report on Form 8-K filed March 19, 2010).

10.14* Form of Series 2010 LTIP Unit (Three Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on

Form 8-K filed March 19, 2010).

10.15* Form of Series 2010 LTIP Unit (Two Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on

Form 8-K filed March 19, 2010).

10.16* Form of Series 2010 LTIP Unit (One Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on

Form 8-K filed March 19, 2010).

142

Exhibits 10.17* Certificate of Designation of Series CEO LTIP Units of Simon Property Group, L.P. (incorporated by reference to

Exhibit 10.3 of Simon Property Group, Inc.'s Current Report on Form 8-K filed July 7, 2011).

10.18* Simon Property Group Series CEO LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Simon

Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).

10.19* First Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement dated as of December 22, 2011 (incorporated by reference to Exhibit 10.24 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed

February 28, 2012).

10.20* Second Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4,

2013).

10.21* Simon Property Group Amended and Restated Series CEO LTIP Unit Award Agreement, dated as of December 31, 2013 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed January 2, 2014). 10.22* Certificate of Designation of Series 2011 LTIP Units of Simon Property Group, L.P. (incorporated by reference to

Exhibit 10.5 of Simon Property Group, Inc.'s Current Report on Form 8-K filed July 7, 2011).

10.23* Form of Simon Property Group Series 2011 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.6

of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).

10.24* Certificate of Designation of Series 2012 LTIP Units of Simon Property Group, L.P. (incorporated by reference to

Exhibit 10.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 11, 2012).

10.25* Amended and Restated Certificate of Designation of Series 2012 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.5 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed

May 7, 2014).

10.26* Form of Simon Property Group Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1

of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 8, 2012).

10.27* Simon Property Group Amended and Restated Series 2012 LTIP Unit Award Agreement (incorporated by reference

to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).

10.28* Certificate of Designation of Series 2013 LTIP Units of Simon Property Group, L.P. (incorporated by reference to

Exhibit 10.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 10, 2013).

10.29* Form of Simon Property Group Series 2013 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3

of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).

10.30* Form of Simon Property Group Executive Officer LTIP Waiver, dated April 18, 2014 (incorporated by reference to

Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).

10.31* Simon Property Group CEO LTIP Unit Adjustment Waiver, dated April 18, 2014 (incorporated by reference to

Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).

10.32* Form of Simon Property Group Series 2014 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2

of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 7, 2014).

10.33* Certificate of Designation of Series 2014 LTIP Units of Simon Property Group, L.P. (incorporated by reference to

Exhibit 10.3 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 7, 2014).

10.34 Amended and Restated $2,750,000,000 Credit Agreement dated as of March 2, 2015 (incorporated by reference to

Exhibit 10.1 of Simon Property Group, L.P.’s Current Report on Form 8-K filed March 3, 2015).

143

Exhibits 10.35* Form of Simon Property Group Series 2015 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015 filed on

January 13, 2016).

10.36* Certificate of Designation of Series 2015 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015

filed on January 13, 2016).

10.37* Form of Simon Property Group Series 2016 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter

ended March 31, 2016 filed on May 5, 2016).

10.38* Form of Certificate of Designation of Series 2016 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on

Form 10-Q for the quarter ended March 31, 2016 filed on May 5, 2016).

10.39 Amendment No. 1 to Amended and Restated Credit Agreement, dated as of April 6, 2016 (incorporated by reference

to Exhibit 10.1 of Simon Property Group, L.P.’s Current Report on Form 8-K filed April 7, 2016).

10.40 Amended and Restated $4,000,000,000 Credit Agreement, dated as of March 17, 2017 (incorporated by reference to Exhibit 99.2 of Simon Property Group, L.P.’s Current Report on Form 8-K filed March 20, 2017).

10.41 Amended and Restated $3,500,000,000 Credit Agreement, dated as of February 15, 2018 (incorporated by reference to Exhibit 99.2 of Simon Property Group, L.P.’s Current Report on Form 8-K filed February 15, 2018).

10.42* Form of Simon Property Group Series 2018 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter

ended March 31, 2018 filed on May 3, 2018).

10.43* Form of Certificate of Designation of Series 2018 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on

Form 10-Q for the quarter ended March 31, 2018 filed on May 3, 2018).

10.44* Simon Property Group, L.P. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property

Group, Inc.’s Current Report on Form 8-K filed May 8, 2019).

10.45* Form of Simon Property Group Series 2019 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter

ended June 30, 2019 filed on August 7, 2019).

10.46* Form of Certificate of Designation of Series 2019 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on

Form 10-Q for the quarter ended June 30, 2019 filed on August 7, 2019).

10.47 Second Amended and Restated $6,000,000,000 Credit Agreement, dated as of March 16, 2020 (incorporated by reference to Exhibit 99.2 of Simon Property Group Inc.’s and Simon Property Group, L.P.’s Current Report on Form

8-K filed March 16, 2020).

10.48* Form of Restricted Stock Unit Agreement under Simon Property Group, L.P. 2019 Stock Incentive Plan.

21.1 List of Subsidiaries of Simon Property Group Inc. and Simon Property Group, L.P.

23.1 Simon Property Group, Inc. — Consent of Ernst & Young LLP.

23.2 Simon Property Group, L.P. — Consent of Ernst & Young LLP.

31.1 Simon Property Group, Inc. — Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the

Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

144

Exhibits 31.2 Simon Property Group, Inc. — Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities

Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3 Simon Property Group, L.P. — Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the

Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.4 Simon Property Group, L.P. — Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the

Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Simon Property Group, Inc. — Certification by the Chief Executive Officer and Chief Financial Officer pursuant to

18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Simon Property Group, L.P. — Certification by the Chief Executive Officer and Chief Financial Officer pursuant to

18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH Inline XBRL Taxonomy Extension Schema Document

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document

104 Cover Page Interactive File (formatted as Inline XBRL and contained in Exhibit 101)

(a) Does not include supplemental indentures that authorize the issuance of debt securities series, none of which exceeds 10% of the total assets of Simon Property Group, L.P. on a consolidated basis. Simon Property Group, L.P. agrees to file copies of any such supplemental indentures upon the request of the Commission. * Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.

145 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIMON PROPERTY GROUP, INC.

By /s/ DAVID SIMON David Simon Chairman of the Board of Directors, Chief Executive Officer and President

Date: February 25, 2021

SIMON PROPERTY GROUP, L.P.

/s/ DAVID SIMON David Simon Chairman of the Board of Directors, Chief Executive Officer and President of Simon Property Group, Inc., General Partner

Date: February 25, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Simon Property Group, Inc., for itself and in its capacity as General Partner of Simon Property Group, L.P., and in the capacities and on the dates indicated.

Signature Capacity Date

/s/ DAVID SIMON Chairman of the Board of Directors, Chief Executive Officer (Principal Executive February 25, 2021 David Simon Officer) and President

/s/ HERBERT SIMON Chairman Emeritus and Director February 25, 2021 Herbert Simon

/s/ RICHARD S. SOKOLOV Vice Chairman and Director February 25, 2021 Richard S. Sokolov

/s/ LARRY C. GLASSCOCK Director February 25, 2021 Larry C. Glasscock

/s/ REUBEN S. LEIBOWITZ Director February 25, 2021 Reuben S. Leibowitz

/s/ J. ALBERT SMITH, JR. Director February 25, 2021 J. Albert Smith, Jr.

/s/ KAREN N. HORN Director February 25, 2021 Karen N. Horn

/s/ ALLAN HUBBARD Director February 25, 2021 Allan Hubbard

/s/ DANIEL C. SMITH Director February 25, 2021 Daniel C. Smith

146 Signature Capacity Date

/s/ GARY M. RODKIN Director February 25, 2021 Gary M. Rodkin

/s/ GLYN F. AEPPEL Director February 25, 2021 Glyn F. Aeppel

/s/ STEFAN M. SELIG Director February 25, 2021 Stefan M. Selig

/s/ MARTA R. STEWART Director February 25, 2021 Marta R. Stewart

/s/ BRIAN J. MCDADE Executive Vice President, Chief Financial Officer (Principal Financial Officer) and February 25, 2021 Brian J. McDade Treasurer

/s/ ADAM J. REUILLE Senior Vice President and Chief Accounting February 25, 2021 Adam J. Reuille Officer (Principal Accounting Officer)

147 SCHEDULE III Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2020 (Dollars in thousands)

Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition

Malls Barton Creek Square Austin, TX $ - $ 2,903 $ 20,929 $ 7,983 $ 92,532 $ 10,886 $ 113,461 $ 124,347 $ 65,021 1981 Battlefield Mall Springfield, MO 112,707 3,919 27,231 3,000 73,128 6,919 100,359 107,278 73,594 1970 Bay Park Square Green Bay, WI - 6,278 25,623 4,106 33,597 10,384 59,220 69,604 35,332 1980 Brea Mall Brea (Los Angeles), CA - 39,500 209,202 2,993 77,892 42,493 287,094 329,587 158,412 1998 (4) Broadway Square Tyler, TX - 11,306 32,431 - 51,429 11,306 83,860 95,166 40,639 1994 (4) Burlington Mall Burlington (Boston), MA - 46,600 303,618 27,458 235,501 74,058 539,119 613,177 248,794 1998 (4) Castleton Square Indianapolis, IN - 26,250 98,287 7,434 78,590 33,684 176,877 210,561 119,878 1972 Cielo Vista Mall El Paso, TX - 1,005 15,262 608 55,058 1,613 70,320 71,933 49,573 1974 College Mall Bloomington, IN - 1,003 16,245 720 70,441 1,723 86,686 88,409 47,678 1965 Columbia Center Kennewick, WA - 17,441 66,580 - 40,993 17,441 107,573 125,014 64,134 1987 Copley Place Boston, MA - - 378,045 - 206,205 - 584,250 584,250 252,514 2002 (4) Coral Square Coral Springs (Miami), FL - 13,556 93,630 - 19,097 13,556 112,727 126,283 89,651 1984 Cordova Mall Pensacola, FL - 18,626 73,091 7,321 70,048 25,947 143,139 169,086 80,553 1998 (4) Domain, The Austin, TX 176,533 40,436 197,010 - 144,511 40,436 341,521 381,957 174,735 2005 Empire Mall Sioux Falls, SD 183,782 35,998 192,186 - 30,083 35,998 222,269 258,267 68,901 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN - - 120,579 29,145 103,435 29,145 224,014 253,159 132,731 1997 (4)

148 Firewheel Town Center Garland (Dallas), TX - 8,438 82,716 - 28,830 8,438 111,546 119,984 64,895 2004 Forum Shops at Caesars, The Las Vegas, NV - - 276,567 - 282,321 - 558,888 558,888 293,579 1992 Greenwood Park Mall Greenwood (Indianapolis), IN - 2,423 23,445 5,253 124,303 7,676 147,748 155,424 91,542 1979 Haywood Mall Greenville, SC - 11,585 133,893 6 41,813 11,591 175,706 187,297 113,400 1998 (4) Ingram Park Mall San Antonio, TX 122,251 733 16,972 37 43,246 770 60,218 60,988 33,614 1979 King of Prussia King of Prussia (Philadelphia), PA - 175,063 1,128,200 - 380,289 175,063 1,508,489 1,683,552 463,073 2003 (5) La Plaza Mall (13) McAllen, TX - 87,912 9,828 6,569 177,319 94,481 187,147 281,628 50,135 1976 Lakeline Mall Cedar Park (Austin), TX - 10,088 81,568 14 24,747 10,102 106,315 116,417 64,612 1995 Lenox Square Atlanta, GA - 37,447 492,411 - 139,068 37,447 631,479 668,925 373,965 1998 (4) Livingston Mall Livingston (New York), NJ - 22,214 105,250 - 47,841 22,214 153,091 175,305 94,316 1998 (4) Mall of Georgia Buford (Atlanta), GA - 47,492 326,633 - 13,340 47,492 339,973 387,465 195,629 1999 (5) McCain Mall N. Little Rock, AR - - 9,515 10,530 28,504 10,530 38,019 48,549 17,298 1973 Menlo Park Mall Edison (New York), NJ - 65,684 223,252 - 83,263 65,684 306,515 372,199 190,029 1997 (4) Midland Park Mall Midland, TX 71,822 687 9,213 1,196 42,102 1,883 51,315 53,198 22,616 1980 Miller Hill Mall Duluth, MN - 2,965 18,092 1,811 44,203 4,776 62,295 67,071 46,348 1973 North East Mall Hurst (Dallas), TX - 128 12,966 19,010 145,677 19,138 158,643 177,781 118,006 1971 Seattle, WA - 23,610 115,992 - 67,602 23,610 183,594 207,204 57,897 1987 Ocean County Mall Toms River (New York), NJ - 20,404 124,945 3,277 84,547 23,681 209,492 233,173 102,081 1998 (4) Orland Square Orland Park (Chicago), IL - 35,439 129,906 - 78,864 35,439 208,770 244,209 117,910 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA 32,779 20,872 100,287 - 20,914 20,872 121,201 142,073 84,968 2003 (4) Penn Square Mall Oklahoma City, OK 310,000 2,043 155,958 - 60,144 2,043 216,102 218,145 136,840 2002 (4) Pheasant Lane Mall Nashua, NH - 3,902 155,068 550 49,404 4,452 204,472 208,924 116,717 2004 (5) Phipps Plaza Atlanta, GA - 15,005 210,610 - 243,085 15,005 453,695 468,700 171,188 1998 (4) Plaza Carolina Carolina (San Juan), PR 225,000 15,493 279,560 - 77,319 15,493 356,879 372,372 173,238 2004 (4) Prien Lake Mall Lake Charles, LA - 1,842 2,813 3,053 47,133 4,895 49,946 54,841 28,706 1972

Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2020 (Dollars in thousands)

Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition

Rockaway Townsquare Rockaway (New York), NJ $ - $ 41,918 $ 212,257 $ - $ 69,145 $ 41,918 $ 281,402 $ 323,320 $ 160,468 1998 (4) Roosevelt Field Garden City (New York), NY - 163,160 702,008 1,246 368,834 164,406 1,070,842 1,235,248 533,147 1998 (4) Ross Park Mall Pittsburgh, PA - 23,541 90,203 5,815 122,197 29,356 212,400 241,756 132,274 1986 Santa Rosa Plaza Santa Rosa, CA - 10,400 87,864 - 27,384 10,400 115,248 125,648 67,970 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 120,000 449 25,102 38,864 105,673 39,313 130,776 170,089 42,473 2002 (5) Shops at Nanuet, The Nanuet, NY - 28,125 142,860 - 14,285 28,125 157,145 185,270 47,459 2013 Shops at Riverside, The Hackensack (New York), NJ 130,000 13,521 238,746 - 263,289 13,521 502,035 515,556 98,686 2007 (4) (5) South Hills Village Pittsburgh, PA - 23,445 125,840 1,472 84,612 24,917 210,452 235,369 109,844 1997 (4) South Shore Plaza Braintree (Boston), MA - 101,200 301,495 - 166,650 101,200 468,145 569,345 269,676 1998 (4) Southdale Mall Edina (Minneapolis), MN 138,131 41,430 184,967 - 112,713 41,430 297,680 339,110 95,003 2007 (4) (5) SouthPark Charlotte, NC - 42,092 188,055 100 204,680 42,192 392,735 434,927 225,268 2002 (4) St. Charles Towne Center Waldorf (Washington, DC), MD - 7,710 52,934 1,180 29,314 8,890 82,248 91,138 61,874 1990 Stanford Shopping Center Palo Alto (San Jose), CA - - 339,537 - 188,382 - 527,919 527,919 214,147 2003 (4) Summit Mall Akron, OH 85,000 15,374 51,137 - 55,804 15,374 106,941 122,315 66,518 1965 Tacoma Mall Tacoma (Seattle), WA - 37,113 125,826 - 162,616 37,113 288,442 325,555 145,776 1987 Tippecanoe Mall Lafayette, IN - 2,897 8,439 5,517 47,136 8,414 55,575 63,989 44,233 1973 Town Center at Boca Raton Boca Raton (Miami), FL - 64,200 307,317 - 241,889 64,200 549,206 613,406 309,065 1998 (4) Towne East Square Wichita, KS - 8,525 18,479 4,108 49,059 12,633 67,538 80,171 45,990 1975 149 Treasure Coast Square Jensen Beach, FL - 11,124 72,990 3,067 39,945 14,191 112,935 127,126 76,712 1987 Tyrone Square St. Petersburg (Tampa), FL - 15,638 120,962 1,459 50,690 17,097 171,652 188,749 112,049 1972 University Park Mall Mishawaka, IN - 10,762 118,164 7,000 58,654 17,762 176,818 194,580 147,955 1996 (4) Walt Whitman Shops Huntington Station (New York), NY - 51,700 111,258 3,789 127,664 55,489 238,922 294,411 130,914 1998 (4) White Oaks Mall Springfield, IL 46,915 2,907 35,692 2,468 65,642 5,375 101,334 106,709 59,098 1977 Wolfchase Galleria Memphis, TN 155,152 16,407 128,276 - 17,049 16,407 145,325 161,732 97,753 2002 (4) Woodland Hills Mall Tulsa, OK - 34,211 187,123 - 35,414 34,211 222,537 256,748 144,965 2004 (5)

Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN - 3,900 97,059 - 11,094 3,900 108,153 112,053 54,308 2004 (4) Allen Premium Outlets Allen (Dallas), TX - 20,932 69,788 - 44,436 20,932 114,224 135,156 36,968 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH - 2,370 24,326 - 8,442 2,370 32,768 35,138 24,396 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI 123,000 11,477 77,856 - 8,978 11,477 86,834 98,311 37,026 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA - 16,670 224,721 395 75,097 17,065 299,818 316,883 149,400 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA - 12,890 184,990 96 10,492 12,986 195,482 208,468 88,965 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC 41,757 3,175 59,863 5,311 7,902 8,486 67,765 76,251 37,961 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL - 659 118,005 13,050 99,046 13,709 217,051 230,760 84,558 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH - 14,117 71,520 - 4,687 14,117 76,207 90,324 38,483 2008 Clinton Crossing Premium Outlets Clinton, CT - 2,060 107,556 1,532 6,027 3,592 113,583 117,175 61,401 2004 (4) Denver Premium Outlets Thornton (Denver), CO - 11,375 45,335 10 72,949 11,385 118,284 129,669 12,902 2018 Desert Hills Premium Outlets Cabazon (Palm Springs), CA - 3,440 338,679 - 117,032 3,440 455,711 459,151 187,479 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL - 2,857 47,309 - 20,582 2,857 67,891 70,748 36,332 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA 178,000 15,807 182,412 - 7,726 15,807 190,138 205,945 106,430 2004 (4) Gilroy Premium Outlets Gilroy (San Jose), CA - 9,060 50,281 - 5,940 9,060 56,221 65,281 32,576 2004 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX - 9,630 194,122 - 16,192 9,630 210,314 219,944 104,299 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA 109,122 9,497 194,245 - 2,058 9,497 196,303 205,800 54,525 2010 (4)

Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2020 (Dollars in thousands)

Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition

Gulfport Premium Outlets Gulfport, MS $ 140,000 $ 6,421 $ 121,880 $ - $ 7,763 $ 6,421 $ 129,643 $ 136,064 $ 72,537 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD 50,000 - 27,949 - 7,444 - 35,393 35,393 17,250 2010 (4) Houston Premium Outlets Cypress (Houston), TX 73,314 3,576 85,883 - 2,383 3,576 88,266 91,842 39,565 2007 Indiana Premium Outlets Edinburgh (Indianapolis), IN - 8,695 69,350 - 46,533 8,695 115,883 124,578 54,669 2004 (4) Jackson Premium Outlets Jackson (New York), NJ - 6,413 104,013 3 8,300 6,416 112,313 118,729 52,477 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ - 15,390 50,979 - 78,255 15,390 129,234 144,624 65,300 2007 Johnson Creek Premium Outlets Johnson Creek, WI - 2,800 39,546 - 6,936 2,800 46,482 49,282 23,364 2004 (4) Kittery Premium Outlets Kittery, ME - 11,832 94,994 - 11,008 11,832 106,002 117,834 47,052 2004 (4) Las Americas Premium Outlets San Diego, CA - 45,168 251,878 - 11,380 45,168 263,258 308,426 102,723 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV - 25,435 134,973 16,536 152,117 41,971 287,090 329,061 134,037 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV - 13,085 160,777 - 32,957 13,085 193,734 206,819 87,419 2004 (4) Lee Premium Outlets Lee, MA 49,504 9,167 52,212 - 4,302 9,167 56,514 65,681 30,446 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA - 7,190 162,023 - 21,105 7,190 183,128 190,318 87,734 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN - 6,630 94,138 - 13,206 6,630 107,344 113,974 58,943 2004 (4) Merrimack Premium Outlets Merrimack, NH 116,398 14,975 118,428 - 2,911 14,975 121,339 136,314 43,453 2012 Napa Premium Outlets Napa, CA - 11,400 45,023 - 7,513 11,400 52,536 63,936 27,674 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA - 2,143 36,197 - 5,978 2,143 42,175 44,318 20,310 2004 (4) 150 North Georgia Premium Outlets Dawsonville (Atlanta), GA - 4,300 137,020 - 3,158 4,300 140,178 144,478 67,220 2004 (4) Orlando International Premium Orlando, FL Outlets - 31,998 472,815 - 17,515 31,998 490,330 522,328 182,297 2010 (4) Orlando Vineland Premium Outlets Orlando, FL - 14,040 382,949 36,023 19,688 50,063 402,637 452,700 178,209 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA - 13,322 13,710 - 4,394 13,322 18,104 31,426 11,599 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA - 16,676 105,249 - 25,391 16,676 130,640 147,316 72,961 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ - - 63,082 - 681 - 63,763 63,763 24,082 2013 Pismo Beach Premium Outlets Pismo Beach, CA 34,329 4,317 19,044 - 2,812 4,317 21,856 26,173 13,228 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI 145,000 16,823 126,686 - 7,408 16,823 134,094 150,917 55,534 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR 160,000 20,586 114,021 - 9,286 20,586 123,307 143,893 51,856 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD 60,308 8,129 61,950 - 5,109 8,129 67,059 75,188 29,293 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX - 12,229 41,547 - 28,623 12,229 70,170 82,399 41,040 2005 Round Rock Premium Outlets Round Rock (Austin), TX - 14,706 82,252 - 5,336 14,706 87,588 102,294 53,430 2005 San Francisco Premium Outlets Livermore (San Francisco), CA - 21,925 308,694 46,177 73,617 68,102 382,311 450,413 97,460 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX - 13,180 287,179 - 12,724 13,180 299,903 313,083 115,472 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA - - 103,722 - 54,623 - 158,345 158,345 77,078 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL - 6,090 57,670 2 12,534 6,092 70,204 76,296 37,830 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL - 14,298 97,188 121 4,942 14,419 102,130 116,549 23,556 2015 The Crossings Premium Outlets Tannersville, PA 103,304 7,720 172,931 - 18,694 7,720 191,625 199,345 89,095 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ - 12,508 69,677 - 7,508 12,508 77,185 89,693 18,160 2015 Vacaville Premium Outlets Vacaville, CA - 9,420 84,850 - 18,500 9,420 103,350 112,770 56,351 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI - 22,630 77,316 - 19,378 22,630 96,694 119,324 47,598 2004 (4) Waterloo Premium Outlets Waterloo, NY - 3,230 75,277 - 15,032 3,230 90,309 93,539 48,025 2004 (4) Williamsburg Premium Outlets Williamsburg, VA 185,000 10,323 223,789 - 8,262 10,323 232,051 242,374 87,577 2010 (4)

Simon Property Group, Inc. Simon Property Group, L.P. Real Estate and Accumulated Depreciation December 31, 2020 (Dollars in thousands)

Cost Capitalized Subsequent to Gross Amounts At Which Date of Initial Cost (3) Acquisition (3) Carried At Close of Period Construction Buildings and Buildings and Buildings and Accumulated or Name Location Encumbrances (6) Land Improvements Land Improvements Land Improvements Total (1) Depreciation (2) Acquisition

Woodburn Premium Outlets Woodburn (Portland), OR $ - $ 9,414 $ 150,414 $ - $ 2,963 $ 9,414 $ 153,377 $ 162,791 $ 46,326 2013 (4) Woodbury Common Premium Central Valley (New York), NY Outlets - 11,010 862,559 1,771 265,878 12,781 1,128,437 1,141,218 448,819 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA - 4,900 282,031 - 48,605 4,900 330,636 335,536 146,606 2004 (4)

The Mills Arizona Mills Tempe (Phoenix), AZ 145,874 41,936 297,289 — 15,389 41,936 312,678 354,614 75,594 2007 (4) (5) Great Mall Milpitas (San Jose), CA - 69,853 463,101 — 59,127 69,853 522,228 592,081 156,327 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL 253,708 41,133 297,911 — 29,991 41,133 327,902 369,035 102,054 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ 355,000 120,417 865,605 — 17,920 120,417 883,525 1,003,942 198,695 2015 (4) Opry Mills Nashville, TN 375,000 51,000 327,503 — 18,561 51,000 346,064 397,064 103,485 2007 (4) (5) Outlets at Orange, The Orange (Los Angeles), CA 215,000 64,973 211,322 — 2,965 64,973 214,287 279,260 17,869 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA 416,000 61,755 425,370 — 42,020 61,755 467,390 529,145 151,327 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL - 192,981 1,641,153 5,395 218,581 198,376 1,859,734 2,058,109 530,570 2007 (4) (5) Designer Outlets La Reggia Designer Outlet Marcianise (Naples), Italy (4) (5) 159,432 37,220 233,179 - 22,684 37,220 255,864 293,084 47,616 2013 (7) Noventa Di Piave Designer Outlet Venice, Italy (4) (5) 151 343,042 38,793 309,283 - 71,352 38,793 380,635 419,428 62,130 2013 (7) Parndorf Designer Outlet Vienna, Austria (4) (5) 226,896 14,903 223,156 - 2,330 14,903 225,486 240,389 49,071 2013 (7) Provence Designer Outlet Provence, France (4) (5) 100,445 40,754 77,827 6,169 - 46,923 77,827 124,749 23,376 2017 (7) Roermond Designer Outlet Roermond, Netherlands (4) (5) 282,085 15,035 400,094 - 14,554 15,035 414,648 429,683 91,007 2013 (7) Roosendaal Designer Outlet Roosendaal, Netherlands (4) (5) 72,342 22,191 108,069 - 5,789 22,191 113,858 136,049 22,321 2017 (7)

Community Centers ABQ Uptown Albuquerque, NM - 6,374 75,333 4,054 7,184 10,428 82,517 92,945 29,967 2011 (4) University Park Village Fort Worth, TX 54,425 18,031 100,523 - 4,710 18,031 105,233 123,264 22,240 2015 (4)

Other Properties Calhoun Marketplace Calhoun, GA 17,941 1,745 12,529 - 2,180 1,745 14,709 16,454 10,195 2010 (4) Florida Keys Outlet Center Florida City, FL 17,001 1,112 1,748 - 4,474 1,112 6,222 7,334 3,792 2010 (4) Gaffney Marketplace Gaffney (Greenville/Charlotte), SC 28,981 4,056 32,371 - 6,097 4,056 38,468 42,524 21,273 2010 (4) Orlando Outlet Marketplace Orlando, FL - 3,367 1,557 - 3,658 3,367 5,215 8,582 2,888 2010 (4) Osage Beach Marketplace Osage Beach, MO - 1,397 9,471 - — 1,397 9,471 10,869 852 2004 (4) Southridge Mall Greendale (Milwaukee), WI 112,087 12,359 130,111 1,939 13,029 14,298 143,140 157,438 53,156 2007 (4) (5) Town Center at Cobb Kennesaw (Atlanta), GA 180,376 32,355 158,225 - 24,583 32,355 182,808 215,163 131,692 1998 (5)

Other pre-development costs 107,403 156,542 959 - 108,362 156,542 264,903 78 Other 25,000 3,537 51,972 - - 3,537 51,972 55,509 15,503 Currency Translation Adjustment - 22,388 88,022 - 89,445 22,388 177,466 199,854 (2,464) $ 6,959,743 $ 3,342,322 $ 25,071,253 $ 357,702 $ 8,837,360 $ 3,700,024 $ 33,908,614 $ 37,608,638 $ 14,592,867

Simon Property Group, Inc. Simon Property Group, L.P. Notes to Schedule III as of December 31, 2020 (Dollars in thousands) (1) Reconciliation of Real Estate Properties: The changes in real estate assets for the years ended December 31, 2020, 2019, and 2018 are as follows:

2020 2019 2018 Balance, beginning of year $ 37,356,739 $ 36,667,960 $ 36,014,506 Acquisitions and consolidations (7) — 40,990 328,265 Improvements 401,202 899,728 758,135 Disposals and deconsolidations (320,328) (219,268) (357,622) Currency Translation Adjustment 171,025 (32,671) (75,324) Balance, close of year $ 37,608,638 $ 37,356,739 $ 36,667,960

The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2020 was $21,756,450.

(2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2020, 2019, and 2018 are as follows:

2020 2019 2018 Balance, beginning of year $ 13,622,433 $ 12,632,690 $ 11,704,223 Depreciation expense (7) 1,226,611 1,176,815 1,106,053 Disposals and deconsolidations (236,123) (194,664) (190,241) Currency Translation Adjustment (20,054) 7,592 12,655 Balance, close of year $ 14,592,867 $ 13,622,433 $ 12,632,690

Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.

• Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

• Tenant Allowances and Improvements — shorter of lease term or useful life.

(3) Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4) Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.

(5) Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6) Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs.

(7) Represents the original cost and does not include subsequent currency translation adjustments.

152 Exhibit 4.2

DESCRIPTION OF EACH REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

SIMON PROPERTY GROUP, INC.

As of December 31, 2020, Simon Property Group, Inc. had the two following classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) our common stock, $0.0001 par value per share (“common stock”) and (ii) our Series J 8д% Cumulative Redeemable Preferred Stock, $0.0001 par value per share (“Series J Preferred Stock”).

The following descriptions are summaries and do not purport to be complete. The descriptions are subject to and qualified in their entirety by reference to our restated certificate of incorporation (the “charter”), our amended and restated by-laws (the “by-laws”) and the certificate of designations for the Series J Preferred Stock (the “Certificate of Designations”), each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K of which this Exhibit is a part, and certain provisions of the Delaware General Corporation Law.

References in the discussion under the caption “Simon Property Group, Inc.” to “Simon,” “we,” “our” and “us” and similar references mean Simon Property Group, Inc. excluding, unless the context otherwise requires or otherwise expressly stated, its subsidiaries.

DESCRIPTION OF CAPITAL STOCK

Authorized Capital Stock

We have the authority to issue 850,000,000 shares of capital stock, par value $0.0001 per share, consisting of the following:

• 511,990,000 shares of common stock,

• 10,000 shares of Class B common stock,

• 100,000,000 shares of preferred stock, and

• 238,000,000 shares of excess common stock, or Excess Stock.

Common Stock and Class B Common Stock

Terms of Common Stock

As of December 31, 2020, there were 342,849,037 shares of common stock outstanding, which excludes the outstanding shares of Class B common stock described below and the shares of common stock held in treasury. The holders of shares of common stock:

• are entitled to one vote per share on all matters to be voted on by stockholders, other than the election of four directors who are elected exclusively by holders of Class B common stock;

• are not entitled to cumulative voting for the election of directors;

• are entitled to receive dividends as may be declared from time to time by the board of directors, in its discretion, from legally available assets, subject to preferential rights of holders of preferred stock;

• are not entitled to preemptive, subscription or conversion rights; and

• are not subject to further calls or assessments.

The shares of common stock currently outstanding are validly issued, fully paid and non-assessable. There are no redemption or sinking fund provisions applicable to the common stock.

Terms of Class B Common Stock

As of December 31, 2020, we had 8,000 shares of Class B common stock outstanding. Holders of Class B common stock:

• are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, other than the election of four directors who are elected exclusively by the holders of Class B common stock;

• are not entitled to cumulative voting for the election of directors; and

• are entitled to receive ratably such dividends as may be declared by the board of directors out of legally available funds, subject to preferential rights of holders of preferred stock.

If we are liquidated, each outstanding share of common stock and Class B common stock, including shares of Excess Stock, if any, will be entitled to participate pro rata in the assets remaining after payment of, or adequate provision for, all of our known debts and liabilities, subject to the right of the holders of preferred stock, including any excess preferred stock into which shares of such series has been converted, to receive preferential distributions.

All outstanding shares of Class B common stock are subject to a voting trust of which Herbert and David Simon are the voting trustees. The holders of Class B common stock are entitled to elect four of our directors. However, the number of Class B directors would decrease if the Simon family's aggregate ownership interest in us, including common stock, Class B common stock and units of limited partnership interest of Simon Property Group, L.P. considered on an as- converted basis, decreases to less than 50% of their aggregate ownership interest as of August 9, 1996.

Shares of Class B common stock may be converted at the holder's option into an equal number of shares of common stock. Shares of Class B common stock also convert automatically into an equal number of shares of common stock upon the sale or transfer thereof to a person not affiliated with the Simon family or if the Simon family's aggregate ownership interest declines to specified levels.

Holders of shares of common stock and Class B common stock have no sinking fund rights, redemption rights or preemptive rights to subscribe for any of our securities.

Subject to any separate rights of holders of preferred stock or as described below, any vacancies on the board of directors resulting from death, disability, resignation, retirement, disqualification, removal from office, or other cause of a director shall be filled by a vote of the stockholders or a majority of the directors then in office provided, however, that any vacancy relating to a director elected by the Class B common stock is to be filled by the holders of the Class B common stock.

The charter provides that, subject to the right of holders of any class or series separately entitled to elect one or more directors, if any such right has been granted, directors may be removed with or without cause upon the affirmative vote of holders of at least a majority of the voting power of all the then outstanding shares entitled to vote generally in the election of directors, voting together as a single class.

Transfer Agent

Computershare Trust Company, N.A. is the transfer agent for our common stock.

Delaware Law and Certain Charter and By-law Provisions

Our charter and by-laws and certain provisions of the Delaware General Corporation Law may have an anti- takeover effect. These provisions may delay, defer or prevent a tender offer or takeover attempt that a stockholder would consider in its best interest. This includes an attempt that might result in a premium over the market price for the shares held by stockholders. These provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids. They are also expected to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging takeover proposals because, among other things, negotiation of takeover proposals might result in an improvement of their terms.

Delaware Anti-Takeover Law. We are a Delaware corporation and are subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a public Delaware corporation from engaging in a "business combination" with an "interested stockholder" for three years after the time at which the person became an interested stockholder unless:

• prior to that time, the board of directors approved either the business combination or transaction in which the stockholder became an interested stockholder; or

• upon becoming an interested stockholder, the stockholder owned at least 85% of the corporation's outstanding voting stock other than shares held by directors who are also officers and certain employee benefit plans; or

• the business combination is approved by both the board of directors and by holders of at least 66а% of the corporation's outstanding voting stock at a meeting and not by written consent, excluding shares owned by the interested stockholder.

For these purposes, the term "business combination" includes mergers, asset sales and other similar transactions with an "interested stockholder." "Interested stockholder" means a person who, together with its affiliates and associates, owns, or under certain circumstances has owned within the prior three years, 15% or more of the outstanding voting stock. Although Section 203 permits a corporation to elect not to be governed by its provisions, we have not made this election.

Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals. Our by-laws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors or bring other business before an annual meeting of stockholders. This procedure provides that

• the only persons who will be eligible for election as directors are persons who are nominated by or at the direction of the board of directors, or by a stockholder who (i) has complied with the advance notice procedures by giving timely written notice containing specified information to the Secretary prior to the meeting at which directors are to be elected or (ii) has complied with the proxy access provisions described below under "—Proxy Access", and

• the only business that may be conducted at an annual meeting is business that has been brought before the meeting by or at the direction of the board of directors or by a stockholder who has given timely written notice containing specified information to the Secretary of the stockholder's intention to bring the business before the meeting.

In general, pursuant to the advance notice provisions of our by-laws, we must receive written notice of stockholder nominations to be made or business to be brought at an annual meeting not less than 120 days prior to the first anniversary of the date of the previous year's annual meeting, in order for the notice to be timely. The notice must contain information concerning the person or persons to be nominated or the matters to be brought before the meeting and concerning the stockholder submitting the proposal.

The purposes of requiring stockholders to give us advance notice of nominations and other business include the following:

• to afford the board of directors a meaningful opportunity to consider the qualifications of the proposed nominees or the advisability of the other proposed business;

• to the extent deemed necessary or desirable by the board of directors, to inform stockholders and make recommendations about such qualifications or business; and

• to provide a more orderly procedure for conducting meetings of stockholders.

Our by-laws do not give our board of directors any power to disapprove stockholder nominations for the election of directors or proposals for action. However, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if the proper procedures are not followed. Our by-laws may also discourage or deter a third party from soliciting proxies to elect its own slate of directors or to approve its own proposal, without regard to whether consideration of the nominees or proposals might be harmful or beneficial to us and our stockholders.

Proxy Access. Our by-laws also permit a stockholder, or group of up to 20 stockholders, owning at least three percent of our outstanding common stock (excluding Class B common stock) continuously for at least three years, to nominate and include in our proxy materials for our annual meeting of stockholders director nominees constituting up to the greater of two nominees or 20% of the number of directors on our board of directors which, at such time, the common stockholders are entitled to elect.

The foregoing proxy access right is subject to additional eligibility, procedural and disclosure requirements set forth in our by-laws.

In general, we must receive written notice of a nomination pursuant to the proxy access provisions of our by- laws no earlier than 150 days and no later than 120 days prior to the first anniversary of the date that we first mailed our proxy statement for the previous year's annual meeting of stockholders, in order for the notice to be timely. The notice must contain certain information specified in our by-laws.

Director Action. Our charter and by-laws and the Delaware General Corporation Law generally require that a majority of a quorum is necessary to approve any matter to come before the board of directors. Certain matters, including sales of property, transactions with members of the Simon family and related persons and certain affiliates and certain other matters, will also require approval of a majority of the independent directors on the board of directors.

Director Liability Limitation and Indemnification. Our charter provides that no director will be personally liable to us or to our stockholders for monetary damages for breach of fiduciary duty as a director. This will not, however, eliminate or limit the liability of a director for the following:

• any breach of the director's duty of loyalty to us and our stockholders;

• acts or omissions not in good faith or which involve intentional misconduct or knowing violations of the law;

• any transaction from which the director derived an improper personal benefit; or

• any matter in respect of which the director would be liable under Section 174 of the Delaware General Corporation Law.

These provisions may discourage stockholders' actions against directors. Directors' personal liability for violating the federal securities laws is not limited or otherwise affected. In addition, these provisions do not affect the ability of stockholders to obtain injunctive or other equitable relief from the courts with respect to a transaction involving gross negligence on the part of a director.

Our charter provides that we shall indemnify to the fullest extent permitted under and in accordance with Delaware law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he or she

• is or was our director or officer, or

• is or was serving at our request as a director, officer or trustee of or in any other capacity with another corporation, partnership, joint venture, trust or other enterprise.

With respect to such persons, we shall indemnify against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding if the following standards are met:

• the person acted in good faith and in a manner reasonably believed to be in, or not opposed to, our best interests, and,

• with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

The Delaware General Corporation Law provides that indemnification is mandatory where a director or officer has been successful on the merits or otherwise in the defense of any proceeding covered by the indemnification statute.

The Delaware General Corporation Law generally permits indemnification for expenses incurred in the defense or settlement of third-party actions or action by or in right of the corporation, and for judgments in third-party actions, provided the following determination is made:

• the person seeking indemnification acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, and

• in a criminal proceeding, the person had no reasonable cause to believe his or her conduct was unlawful.

The determination must be made by directors who were not parties to the action, or if directed by such directors, by independent legal counsel or by a majority vote of a quorum of the stockholders. Without court approval, however, no indemnification may be made in respect of any action by or in right of the corporation in which such person is adjudged liable.

Under Delaware law, the indemnification provided by statute shall not be deemed exclusive of any rights under any by-law, agreement, vote of stockholders or disinterested directors or otherwise. In addition, the liability of officers may not be eliminated or limited under Delaware law.

The right of indemnification, including the right to receive payment in advance of expenses, conferred by our charter is not exclusive of any other rights to which any person seeking indemnification may otherwise be entitled.

Restrictions on Ownership and Transfer

Our charter contains certain restrictions on the number of shares of capital stock that individual stockholders may own. Certain requirements must be met for us to maintain our status as a real estate investment trust (“REIT”), including the following:

• not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals, as defined in the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, to include certain entities, during the last half of a taxable year other than the first year, and

• our capital stock also must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year.

In part because we currently believe it is essential for us to maintain our status as a REIT, the provisions of our charter with respect to Excess Stock contain restrictions on the acquisition of our capital stock intended to ensure compliance with these requirements.

Our charter provides that, subject to certain specified exceptions, no stockholder may own, or be deemed to own by virtue of the attribution rules of the Internal Revenue Code, more than the ownership limit. The ownership limit is equal to 8%, or 18% in the case of members of the Simon family and related persons, of any class of capital stock. The board of directors may exempt a person from the ownership limit if the board of directors receives a ruling from the Internal Revenue Service or an opinion of tax counsel that such ownership will not jeopardize our status as a REIT.

Anyone acquiring shares in excess of the ownership limit will lose control over the power to dispose of the shares, will not receive dividends declared and will not be able to vote the shares. In the event of a purported transfer or other event that would, if effective, result in the ownership of shares of stock in violation of the ownership limit, the transfer or other event will be deemed void with respect to that number of shares that would be owned by the transferee in excess of the ownership limit. The intended transferee of the excess shares will acquire no rights in those shares of stock. Those shares of stock will automatically be converted into shares of Excess Stock according to rules set forth in the charter.

Upon a purported transfer or other event that results in Excess Stock, the Excess Stock will be deemed to have been transferred to a trustee to be held in trust for the exclusive benefit of a qualifying charitable organization designated by us. The Excess Stock will be issued and outstanding stock, and it will be entitled to dividends equal to any dividends which are declared and paid on the stock from which it was converted. Any dividend or distribution paid prior to our discovery that stock has been converted into Excess Stock is to be repaid upon demand. The recipient of the dividend will be personally liable to the trust. Any dividend or distribution declared but unpaid will be rescinded as void with respect to the shares of stock and will automatically be deemed to have been declared and paid with respect to the shares of Excess Stock into which the shares were converted. The Excess Stock will also be entitled to the voting rights as are ascribed to the stock from which it was converted. Any voting rights exercised prior to our discovery that shares of stock were converted to Excess Stock will be rescinded and recast as determined by the trustee.

While Excess Stock is held in trust, an interest in that trust may be transferred by the purported transferee, or other purported holder with respect to the Excess Stock, only to a person whose ownership of the shares of stock would not violate the ownership limit. Upon such transfer, the Excess Stock will be automatically exchanged for the same number of shares of stock of the same type and class as the shares of stock for which the Excess Stock was originally exchanged.

Our charter contains provisions that are designed to ensure that the purported transferee or other purported holder of the Excess Stock may not receive in return for such a transfer an amount that reflects any appreciation in the shares of stock for which the Excess Stock was exchanged during the period that the Excess Stock was outstanding. Any amount received by a purported transferee or other purported holder in excess of the amount permitted to be received must be paid over to the trust. If the foregoing restrictions are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation, then the intended transferee or holder of any Excess Stock may be deemed, at our option, to have acted as an agent on behalf of the trust in acquiring or holding the Excess Stock and to hold the Excess Stock on behalf of the trust.

Our charter further provides that we may purchase, for a period of 90 days during the time the Excess Stock is held by the trustee in trust, all or any portion of the Excess Stock from the original transferee-stockholder at the lesser of the following:

• the price paid for the stock by the purported transferee, or if no notice of such purchase price is given, at a price to be determined by the board of directors, in its sole discretion, but no lower than the lowest market price of such stock at any time prior to the date we exercise our purchase option, and

• the closing market price for the stock on the date we exercise our option to purchase.

The 90-day period begins on the date of the violative transfer or other event if the original transferee- stockholder gives notice to us of the transfer or, if no notice is given, the date the board of directors determines that a violative transfer or other event has occurred.

Our charter further provides that in the event of a purported issuance or transfer that would, if effective, result in us being beneficially owned by fewer than 100 persons, such issuance or transfer would be deemed null and void, and the intended transferee would acquire no rights to the stock.

All certificates representing shares of any class of our stock bear a legend referring to the restrictions described above.

All persons who own, directly or by virtue of the attribution rules of the Internal Revenue Code, more than 5%, or such other percentage as may be required by the Internal Revenue Code or regulations promulgated thereunder, of the outstanding stock must file an affidavit with us containing the information specified in the charter before January 30 of each year. In addition, each stockholder shall, upon demand, be required to disclose to us in writing such information with respect to the direct, indirect and constructive ownership of shares as the board of directors deems necessary to comply with the provisions of the charter or the Internal Revenue Code applicable to a REIT.

The Excess Stock provision will not be removed automatically even if the REIT provisions of the Internal Revenue Code are changed so as to no longer contain any ownership concentration limitation or if the ownership concentration limitation is increased. In addition to preserving our status as a REIT, the ownership limit may have the effect of precluding an acquisition of control of us without the approval of our board of directors.

Listing

Our common stock is listed on the New York Stock Exchange under the symbol “SPG.”

Preferred Stock

Rank

The Series J Preferred Stock, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of Simon, rank (i) junior to all other shares of capital stock of Simon which, by their terms, rank senior to the Series J Preferred Stock, (ii) on a parity with all other shares of Simon preferred stock which are not, by their terms, junior or senior to the Series J Preferred Stock and (iii) senior to the common stock and Class B common stock and to all other shares of capital

stock of Simon which, by their terms, rank junior to the Series J Preferred Stock. The Series J Preferred Stock shall rank on a parity with any other class or series of Simon's capital stock that is not by its terms junior to the Series J Preferred Stock.

Dividends

Holders of the Series J Preferred Stock are entitled to receive, when and as authorized by the Simon board of directors, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 8.375% of the liquidation preference per annum (equivalent to $4.1875 per share per annum). Such dividends shall be payable quarterly in arrears on the last day of each March, June, September and December or, if not a business day, the succeeding business day. Any dividend payable on the Series J Preferred Stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends are payable to holders of record as they appear in the stock records of Simon at the close of business on the applicable record date, which shall be the 15th day of the calendar month in which the applicable dividend payment date falls or such other date designated by the Simon board of directors for the payment of dividends that is not more than 30 nor less than 10 days prior to such dividend payment date.

No dividends on the Series J Preferred Stock shall be authorized by the Simon board of directors or be paid or set apart for payment by Simon at such time as the terms and provisions of any agreement of Simon, including any agreement relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization or payment shall be restricted or prohibited by law.

Notwithstanding the foregoing, dividends on the Series J Preferred Stock will accumulate whether or not Simon has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized. Accumulated but unpaid dividends on the Series J Preferred Stock shall not bear interest and holders of the Series J Preferred Stock shall not be entitled to any dividends in excess of full cumulative dividends as described above.

No dividends will be declared or paid or set apart for payment on any capital stock of Simon ranking, as to dividends, on a parity with or junior to the Series J Preferred Stock for any period unless full cumulative dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment therefor set apart for such payment on the Series J Preferred Stock for all past dividend periods and the then current dividend period. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series J Preferred Stock and the shares of any other series of preferred stock ranking on a parity as to dividends with the Series J Preferred Stock, all dividends declared on the Series J Preferred Stock and any other series of preferred stock ranking on a parity as to dividends with the Series J Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Series J Preferred Stock and such other series of preferred stock shall in all cases bear to each other the same ratio that accumulated dividends per share of Series J Preferred Stock and such other series of preferred stock bear to each other.

Except as provided in the immediately preceding paragraph, unless full cumulative dividends on the Series J Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment therefor set apart for such payment on the Series J Preferred Stock for all past dividend periods and the then current dividend period, no dividends (other than in shares of

common stock or other capital stock ranking junior to the Series J Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon the common stock, Class B common stock or any other capital stock of Simon ranking junior to or on a parity with the Series J Preferred Stock as to dividends or upon liquidation, nor shall any shares of common stock, Class B common stock or any other capital stock of Simon ranking junior to or on a parity with the Series J Preferred Stock as to dividends or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid or made available for a sinking fund for the redemption of such shares) by Simon (except by conversion into or exchange for other capital stock of Simon ranking junior to the Series J Preferred Stock as to dividends and upon liquidation).

Any dividend payment made on the Series J Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to such shares which remains payable.

Liquidation Preference

In the event of any liquidation, dissolution or winding up of the affairs of Simon (generally referred to herein as a "liquidation"), the holders of the Series J Preferred Stock will be entitled to be paid out of the assets of Simon legally available for distribution to its stockholders liquidating distributions in cash or property at its fair market value as determined by Simon's board of directors in the amount of a liquidation preference of $50.00 per share, plus an amount equal to any accumulated and unpaid dividends, if any, thereon to the date of such liquidation, dissolution or winding up, before any distribution of assets is made to holders of common stock, Class B common stock or any other capital stock ranking junior to the Series J Preferred Stock as to liquidation rights. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series J Preferred Stock will have no right or claim to any of the remaining assets of Simon.

In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up of the affairs of Simon, the legally available assets of Simon are insufficient to pay the amount of the liquidating distributions on the Series J Preferred Stock and the corresponding amounts payable on the shares of any other series of preferred stock of Simon ranking on a parity with the Series J Preferred Stock in the distribution of assets upon liquidation, then the holders of the Series J Preferred Stock and any other series of preferred stock of Simon ranking on a parity with the Series J Preferred Stock in the distribution of assets upon liquidation shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.

The consolidation or merger of Simon with or into any other entity or the sale, lease, transfer or conveyance of all or substantially all of the property or business of Simon shall not be deemed to constitute a liquidation, dissolution or winding up of the affairs of Simon.

Conversion

The Series J Preferred Stock are not convertible into or exchangeable for any other property or securities of Simon.

Optional Redemption

The Series J Preferred Stock are not redeemable prior to October 15, 2027. On and after October 15, 2027, Simon, at its option upon not less than 30 nor more than 60 days' written notice, may redeem

the Series J Preferred Stock, in whole or in part at any time or from time to time, in cash at a redemption price of $50.00 per share, plus accumulated and unpaid dividends, if any, thereon to, but excluding, the date fixed for redemption (except as provided below), without interest, to the extent Simon will have funds legally available therefor. The redemption price of the Series J Preferred Stock (other than any portion thereof consisting of accumulated and unpaid dividends) shall be paid solely from the sale proceeds of other capital stock of Simon and not from any other source. For purposes of the preceding sentence, "capital stock" means any common stock, preferred stock, depositary shares, interests, participation, or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing. Holders of Series J Preferred Stock to be redeemed shall surrender such Series J Preferred Stock at the place designated in the notice of redemption and shall be entitled to the redemption price upon such surrender. If notice of redemption of any Series J Preferred Stock has been given and if the funds necessary for such redemption have been irrevocably set aside by Simon in trust for the benefit of the holders of any Series J Preferred Stock so called for redemption, then from and after the redemption date dividends will cease to accumulate on such Series J Preferred Stock, such stock shall no longer be deemed outstanding and all rights of the holders of such Series J Preferred Stock will terminate, except the right to receive the redemption price. If fewer than all of the outstanding Series J Preferred Stock are to be redeemed, the Series J Preferred Stock to be redeemed shall be selected pro rata (as nearly as may be practicable without creating fractional Series J Preferred Stock) or by any other equitable method determined by Simon.

Notwithstanding the foregoing, unless full cumulative dividends on the Series J Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment therefor set apart for such payment on the Series J Preferred Stock for all past dividend periods and the then current dividend period, no Series J Preferred Stock shall be redeemed unless all outstanding Series J Preferred Stock are simultaneously redeemed; provided, however, that the foregoing shall not prevent the purchase or acquisition of Series J Preferred Stock to preserve the REIT status of Simon or pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series J Preferred Stock. In addition, unless full cumulative dividends on the Series J Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment therefor set apart for such payment on the Series J Preferred Stock for all past dividend periods and the then current dividend period, Simon shall not purchase or otherwise acquire, directly or indirectly, any Series J Preferred Stock; provided, however, that the foregoing shall not prevent the purchase or acquisition of Series J Preferred Stock to preserve the REIT status of Simon or pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series J Preferred Stock.

Notice of redemption will be given by publication in a newspaper of general circulation in The City of New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date. A similar notice furnished by Simon will be mailed by the registrar, postage prepaid, not less than 30 nor more than 60 days prior to the redemption date, addressed to the respective holders of record of the Series J Preferred Stock to be redeemed at their respective addresses as they appear on the share transfer records of the registrar. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Series J Preferred Stock except as to the holder to whom notice was defective or not given. Each notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the number of shares of Series J Preferred Stock to be redeemed; (iv) the place or places where the Series J Preferred Stock is to be surrendered for payment of the redemption price; and (v) that dividends

on the Series J Preferred Stock to be redeemed will cease to accumulate on such redemption date. If fewer than all the shares of Series J Preferred Stock held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series J Preferred Stock to be redeemed from such holder.

The holders of Series J Preferred Stock at the close of business on a dividend record date will be entitled to receive the dividend payable with respect to the Series J Preferred Stock on the corresponding dividend payment date notwithstanding the redemption thereof between such dividend record date and the corresponding dividend payment date or Simon's default in the payment of the dividend due. Except as provided above, Simon will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series J Preferred Stock to be redeemed.

The Series J Preferred Stock does not have a stated maturity and is not subject to any sinking fund or mandatory redemption provisions.

Voting Rights

Except as indicated below or except as otherwise from time to time required by applicable law, the holders of Series J Preferred Stock have no voting rights.

On any matter on which the Series J Preferred Stock are entitled to vote (as expressly provided herein or as may be required by law), including any action by written consent, each share of Series J Preferred Stock is entitled to one vote. With respect to each share of Series J Preferred Stock, the holder thereof may designate a proxy, with each such proxy having the right to vote on behalf of such holder.

If dividends on the Series J Preferred Stock are in arrears for six or more quarterly periods, whether or not such quarterly periods are consecutive, holders of the Series J Preferred Stock (voting separately as a class with all other series of Simon preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote for the election of two additional directors to serve on the Simon board of directors at a special meeting called by the holders of record of at least ten percent of the Series J Preferred Stock (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders) or at the next annual meeting of the stockholders, and at each subsequent annual meeting until all dividends accumulated on the Series J Preferred Stock for the past dividend periods and the then current dividend period shall have been fully paid or declared and a sum sufficient for payment thereof set aside for payment. In such case, the entire Simon board of directors will be increased by two directors.

So long as any Series J Preferred Stock remains outstanding, Simon will not, without the affirmative vote or consent of the holders of at least 66а% of the Series J Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), (i) authorize or create, or increase the authorized or issued amount of, any class or series of capital stock ranking senior to the Series J Preferred Stock with respect to the payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the affairs of Simon or reclassify any authorized capital stock of Simon into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such capital stock; or (ii) amend, alter or repeal the provisions of the charter (including the Certificate of Designations of the Series J Preferred Stock), whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of the Series J Preferred Stock or the holders thereof; provided, however, with respect to the occurrence of any of the events set forth in clause (ii) above, so long as the

Series J Preferred Stock remains outstanding with the terms thereof materially unchanged, taking into account that upon the occurrence of an event set forth in clause (ii) above Simon may not be the surviving entity, the occurrence of any such event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of holders of Series J Preferred Stock; and provided, further, that (x) any increase in the amount of the authorized Simon preferred stock or the creation or the issuance of any other series of Simon preferred stock or (y) any increase in the amount of authorized Series J Preferred Stock, in each case ranking on a parity with or junior to the Series J Preferred Stock with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers.

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to such vote or consent would otherwise be required shall be effected, all outstanding Series J Preferred Stock shall have been redeemed or called for redemption and sufficient funds shall have been deposited in trust to effect such redemption.

Restrictions on Transfer

Holders of Series J Preferred Stock are subject to certain restrictions on the number of shares of Series J Preferred Stock that such holder may own in order to preserve Simon's status as a REIT. See "Description of Common Stock—Restrictions on Ownership and Transfer" above. Each holder of Series J Preferred Stock shall upon demand be required to disclose to Simon in writing such information as Simon may request in good faith in order to determine Simon's status as a REIT.

Listing

Our Series J Preferred Stock is listed on the New York Stock Exchange under the symbol “SPGJ.”

Exhibit 10.48*

SIMON PROPERTY GROUP [INSERT YEAR] RESTRICTED STOCK UNIT AWARD AGREEMENT

This [INSERT YEAR] Restricted Stock Unit Award Agreement (“Agreement”) made as of the date set forth below, among Simon Property Group, Inc., a Delaware corporation (the “Company”), its subsidiary, Simon Property Group, L.P., a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and the person identified below as the grantee (the “Grantee”).

Recitals

A. The Grantee is an employee of the Company or one of its affiliates and provides services to the Partnership.

B. On [INSERT DATE], the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) approved this award (this “Award”).

C. This Award is made pursuant to the Simon Property Group, L.P. 2019 Stock Incentive Plan (the “Plan”), to provide certain employees of the Company or its affiliates, including the Grantee, in connection with their employment, with the incentive compensation described in this Agreement, and thereby provide additional incentive for them to promote the progress and success of the business of the Company and its affiliates, including the Partnership.

NOW, THEREFORE, the Company, the Partnership and the Grantee agree as follows:

1. Administration. This Award shall be administered by the Committee which has the powers and authority as set forth in the Plan. Should there be any direct conflict between the terms of this Agreement and the Plan, the terms of the Plan shall prevail.

2. Definitions. Capitalized terms used herein without definitions shall have the meanings given to those terms in the Plan. In addition, as used herein, including in any Schedule:

“Award” has the meaning set forth in the Recitals.

“Award RSUs” means the number of RSUs granted by this Agreement, the number of which granted is set forth on Schedule A.

“Clawback Policy” has the meaning set forth in Section 8(b).

“Cause” shall have the meaning specified in the Grantee’s Employment Agreement or, in the case the Grantee is not employed pursuant to an employment agreement or is party to an Employment Agreement that does not define the term, “Cause” shall mean any of the following acts by the Grantee: (i) embezzlement or misappropriation of corporate funds, (ii) any acts resulting in a conviction for, or plea of guilty or nolo contendere to, a charge of commission of a felony, (iii) misconduct resulting in injury to the Company or any affiliate, (iv) activities harmful to the reputation of the Company or any affiliate, (v)

-1- a material violation of Company or affiliate operating guidelines or policies, (vi) willful refusal to perform, or substantial disregard of, the duties properly assigned to the Grantee, or (vi) a violation of any contractual, statutory or common law duty of loyalty to the Company or any affiliate.

“Change of Control” means:

(i) Any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any of its subsidiaries, or the estate of Melvin Simon, Herbert Simon or David Simon (the “Simons”), or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the Company’s then outstanding voting securities entitled to vote generally in the election of directors; provided that for purposes of determining the “beneficial ownership” (as such term is defined in Rule 13d-3 under the Exchange Act) of any “group” of which the Simons or any of their affiliates or associates is a member (each such entity or individual, a “Related Party”), there shall not be attributed to the beneficial ownership of such group any shares beneficially owned by any Related Party;

(ii) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board;

(iii) The consummation of a reorganization, merger or consolidation in which the Company and/or the Partnership is a party, or of the sale or other disposition of all or substantially all of the assets of the Company and/or the Partnership (any such reorganization, merger, consolidation or sale or other disposition of assets being referred to as a “Business Combination”), in each case unless, following such Business Combination, (A) more than 60% of the combined voting power of the then outstanding voting securities of the surviving or acquiring corporation resulting from the Business Combination entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Company’s outstanding voting securities immediately prior to such Business Combination in substantially the same proportions as their beneficial ownership, immediately prior to such Business Combination, of the Company’s outstanding voting securities, (B) no person (excluding the Company, the Simons, any employee benefit plan or related trust of the Company or such surviving or acquiring corporation resulting from the Business Combination and any person beneficially owning, immediately prior to such reorganization, merger or consolidation, directly or indirectly, 25% or more of the Company’s outstanding voting securities) beneficially owns, directly or indirectly, 25% or more of the combined voting power of the then outstanding voting securities of the surviving or acquiring corporation resulting from the Business Combination entitled to vote generally in the election of

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directors and (C) at least a majority of the members of the board of directors of the surviving or acquiring corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement providing for such Business Combination; or

(iv) Approval by the stockholders of a complete liquidation or dissolution of the Company and/or the Partnership.

“Code” means the Internal Revenue Code of 1986, as amended.

“Common Stock” means the Company’s common stock, par value $0.0001 per share, either currently existing or authorized hereafter.

“Continuous Service” means the continuous service to the Company or any subsidiary or affiliate, without interruption or termination, in any capacity of employment. Continuous Service shall not be considered interrupted in the case of: (i) any approved leave of absence; (ii) transfers among the Company and any subsidiary or affiliate in any capacity of employment; or (iii) any change in status as long as the individual remains in the service of the Company and any subsidiary or affiliate in any capacity of employment. An approved leave of absence shall include sick leave (including, due to any mental or physical disability whether or not such condition rises to the level of a Disability), military leave, or any other authorized personal leave. For purposes of determining Continuous Service, service with the Company includes service, following a Change of Control, with a surviving or successor entity (or its parent entity) that agrees to continue, assume or replace this Award, as contemplated by Section 4(c)(iii)(B).

“Disability” means, with respect to the Grantee, a “permanent and total disability” as defined in Section 22(e)(3) of the Code.

“Dividend Equivalent” has the meaning set forth in Section 5.

“Employment Agreement” means, as of a particular date, any employment or similar service agreement then in effect between the Grantee, on the one hand, and the Company or one of its Subsidiaries, on the other hand, as amended or supplemented through such date.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Family Member” has the meaning set forth in Section 7(b).

“Good Reason” shall have the meaning specified in the Grantee’s Employment Agreement, or, if the Grantee is not employed pursuant to an employment agreement or is party to an Employment Agreement that does not define the term, “Good Reason” shall mean any of the following events that occurs without the Grantee’s prior consent:

(i) the Grantee experiences a material diminution in title, employment duties, authority or responsibilities as compared to the title, duties, authority and responsibilities as in effect during the 90-day period immediately preceding the Change of Control;

(ii) the Grantee experiences a material diminution in compensation and benefits as compared to the compensation and benefits as in effect during the 90-day period immediately preceding the Change of Control, other than (A) a reduction in compensation which is applied to

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all employees of the Company or affiliate in the same dollar amount or percentage, or (B) a reduction or modification of any employee benefit program covering substantially all of the employees of the Company or affiliate, which reduction or modification generally applies to all employees covered under such program; or

(iii) the Grantee is required to be based at any office or location that is in excess of 50 miles from the principal location of the Grantee’s work during the 90-day period immediately preceding the Change of Control.

Before a resignation will constitute a resignation for Good Reason, the Grantee must give the Company or applicable affiliate a notice of resignation within 30 calendar days of the occurrence of the event alleged to constitute Good Reason. The notice must set forth in reasonable detail the specific reason for the resignation and the facts and circumstances claimed to provide a basis for concluding that such resignation is for Good Reason. Failure to provide such notice within such 30-day period shall be conclusive proof that the Grantee does not have Good Reason to terminate employment. In addition, Good Reason shall exist only if the Company or applicable affiliate fails to remedy the event or events constituting Good Reason within 30 calendar days after receipt of the notice of resignation and the date of termination occurs within 90 calendar days following the occurrence of the event alleged to constitute Good Reason.

“Grant Date” means [INSERT DATE].

“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, other entity or “group” (as defined in the Exchange Act).

“Plan” has the meaning set forth in the Recitals.

“Qualified Termination” has the meaning set forth in Section 4(b).

“RSUs” means restricted stock units.

“SEC” means the United States Securities and Exchange Commission.

“Securities Act” means the Securities Act of 1933, as amended.

“Transfer” has the meaning set forth in Section 7(a).

“Vested RSUs” means those Award RSUs that have fully vested in accordance with the time-based vesting conditions of Section 3(c) or have vested on an accelerated basis under Section 4.

3. Award.

(a) The Grantee is granted as of the Grant Date, the number of Award RSUs set forth on Schedule A which are subject to forfeiture as provided in this Section 3 and Section 4. Each Vested RSU shall represent the right to receive payment, in accordance with this Agreement, of one share of Common Stock. Prior to actual payment in respect of any Award RSUs, such Award RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. It is a condition to the effectiveness of this Award that the Grantee execute and deliver a copy of this Agreement and such other documents that the

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Company and/or the Partnership reasonably request in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws.

(b) Award RSUs shall become Vested RSUs in the amounts and upon the conditions set forth in this Section 3 and in Section 4, so long as the Continuous Service of the Grantee continues through the applicable vesting date, unless otherwise expressly set forth in this Agreement with respect to a Qualified Termination or Change of Control, or as determined by the Committee, in its sole and absolute discretion, as provided in Section 4(e).

(c) The Award RSUs shall become Vested RSUs in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 4, as applicable:

[INSERT VESTING SCHEDULE]

(d) Subject to the terms and conditions of the Plan and this Agreement, the Company will settle each Vested RSU with the delivery of one share of Common Stock and pay the related Dividend Equivalents to the Grantee, in each case, as soon as practicable after the applicable vesting date, but in no event later than thirty (30) days following the applicable vesting date. In the event that the Company delays a distribution or payment in settlement of Award RSUs because it reasonably determines that the issuance of shares of Common Stock in settlement of RSUs will violate federal securities laws or other applicable law, such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii). The Company shall not delay any payment if such delay will result in a violation of Section 409A of the Code.

(e) Except as otherwise provided under Section 4, upon termination of Continuous Service before the applicable vesting date, any Award RSUs that have not become Vested RSUs pursuant to Section 3(c) shall, automatically and without notice be forfeited and be and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Award RSUs.

4. Termination of Grantee’s Employment; Death and Disability; Change of Control.

(a) If the Grantee’s Continuous Service terminates prior to the final scheduled vesting date, the provisions of Sections 4(b) through Section 4(e) shall govern the treatment of the Grantee’s Award RSUs exclusively, unless the Grantee's Employment Agreement contains provisions that expressly refer to this Section 4(a) and provides that those provisions of the Employment Agreement shall instead govern the treatment of the Grantee’s Award RSUs. In the event an entity of which the Grantee is an employee ceases to be a subsidiary or affiliate of the Company, such action shall be deemed to be a termination of employment of the Grantee for purposes of this Agreement, unless the Grantee promptly thereafter becomes an employee of the Company or any of its affiliates, provided that, the Committee or the Board, in its sole and absolute discretion, may make provision in such circumstances for lapse of forfeiture provisions and/or accelerated vesting of some or all of the Grantee’s Award RSUs effective immediately prior to such event. If a Change of Control occurs, Section 4(c) shall govern the treatment of the Grantee’s Award RSUs exclusively, notwithstanding the provisions of the Plan.

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(b) In the event of termination of the Grantee’s Continuous Service by Grantee’s death or Disability (each a “Qualified Termination”) prior to the final scheduled vesting date, then to the extent the Grantee’s Award RSUs have not already become Vested RSUs, such Award RSUs shall, as of the date of such Qualified Termination, become Vested RSUs and no longer be subject to forfeiture pursuant to Section 3(e); provided that, notwithstanding that no Continuous Service requirement pursuant to Section 3(c) will apply to the Grantee after the effective date of a Qualified Termination the Grantee will not have the right to Transfer (as defined in Section 7) the shares of Common Stock delivered in respect of such Vested RSUs, except (i) by reason of the Grantee’s death, (ii) to the Company, or (iii) in connection with a Change of Control, until such dates as of which his or her Award RSUs would have become Vested RSUs pursuant to Section 3(c) absent a Qualified Termination.

(c) If a Change of Control occurs prior to the final scheduled vesting date, the provisions of this Section 4(c) shall apply:

(i) If, within 24 months after a Change of Control (A) described in clauses (i) or (ii) of the definition of Change of Control or (B) described in clause (iii) of the definition of Change of Control in connection with which the surviving or successor entity (or its parent entity) agrees to continue, assume or replace this Award, the Grantee's Continuous Service terminates as the result of either an involuntary termination for reasons other than Cause or a resignation for Good Reason, then to the extent the Grantee’s Award RSUs have not already become Vested RSUs, such Award RSUs shall become Vested RSUs as of the termination of Continuous Service and shall no longer be subject to forfeiture pursuant to Section 3(e).

(ii) If this Award is not continued, assumed or replaced in connection with a Change of Control described in clause (iii) of the definition of Change of Control as contemplated by Section 4(c)(iii)(B), then to the extent the Grantee’s Award RSUs have not already become Vested RSUs, such Award RSUs shall become Vested RSUs as of the date of the Change of Control and shall no longer be subject to forfeiture pursuant to Section 3(e). Unless the Committee, in its sole and absolute discretion, provides otherwise in connection with a Change of Control described in clause (iv) of the definition of Change of Control, the Grantee’s Award RSUs shall, to the extent they have not already become Vested RSUs, become Vested RSUs immediately prior to the consummation of the liquidation, dissolution or sale of assets and shall no longer be subject to forfeiture pursuant to Section 3(e).

(iii) For purposes of this Section 4(c), this Award will be considered assumed or replaced if, in connection with the Change of Control transaction, either (A) the contractual obligations represented by this Award are expressly assumed by the surviving or successor entity (or its parent entity) with appropriate adjustments to the number and type of securities subject to this Award that preserves the economic or financial value of this Award existing at the time the Change of Control occurs, or (B) the Grantee has received a comparable RSU award that preserves the economic or financial value of this Award existing at the time of the Change of Control transaction and is subject to substantially similar terms and conditions as this Award.

(iv) Unless and until the Award RSUs become Vested RSUs pursuant to

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Section 4(c)(i) or Section 4(c)(ii), the Award RSUs shall vest in accordance with Section 3(c).

(d) Notwithstanding the foregoing, in the event any payment to be made hereunder after giving effect to this Section 4 is determined to constitute “nonqualified deferred compensation” subject to Section 409A of the Code, then, to the extent the Grantee is a “specified employee” under Section 409A of the Code subject to the six-month delay thereunder, any such payments to be made during the six-month period commencing on the Grantee’s “separation from service” (as defined in Section 409A of the Code) shall be delayed until the expiration of such six-month period.

(e) Unless the Grantee's Employment Agreement provides otherwise, in the event of a termination of the Grantee’s Continuous Service other than a Qualified Termination or a termination described in Section 4(c)(i), all Award RSUs that have not theretofore become Vested RSUs shall, without payment of any consideration by the Company automatically and without notice terminate, be forfeited and be and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Award RSUs, provided, however, in the event the termination of Grantee’s employment is due to Grantee’s retirement after age 55, the Committee may determine, in its sole and absolute discretion, that all or any portion of the Award RSUs shall become Vested RSUs, together with the terms and conditions upon which any such Award RSUs shall become Vested RSUs.

5. Dividends and Dividend Equivalents. Upon cash dividends being paid on outstanding shares of Common Stock, dividend equivalents (“Dividend Equivalents”) shall be credited to a book entry account on Grantee’s behalf in respect of Grantee’s Award RSUs. The Dividend Equivalent credited to each Award RSU shall be the same amount as the cash dividend paid on each share of the Common Stock. Any Dividend Equivalents will be held uninvested and without interest. Grantee’s right to receive any Dividend Equivalents shall vest only if and when the related Award RSU vests, and an amount equal to such cash dividends shall be paid to Grantee in cash on the applicable date on which the related Vested RSU is settled. Prior to the payment thereof, any Dividend Equivalents will be encompassed within the term “Award RSUs”. Dividend Equivalents and any amounts that may become payable in respect thereof shall be treated separately from the Award RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A of the Code.

6. Restrictions on New RSUs or Shares. In the event that the Award RSUs or the shares of Common Stock underlying the Award RSUs are changed into or exchanged for a different number or kind of securities of the Company or of another corporation or other entity by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend or combination of shares, such new or additional or different securities which are issued upon conversion of or in exchange or substitution for Award RSUs or the shares of Common Stock underlying the Award RSUs which are then subject to vesting shall be subject to the same vesting conditions as such Award RSUs or shares, as applicable, unless the Committee provides for the vesting of the Award RSUs or the shares of Common Stock underlying the Award RSUs, as applicable.

7. Restrictions on Transfer.

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(a) Except as otherwise permitted by the Committee. in its sole and absolute discretion, none of the Award RSUs or Vested RSUs shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed or encumbered, whether voluntarily or by operation of law (each such action a “Transfer”); provided that Award RSUs and Vested RSUs may be Transferred to the Grantee’s Family Members (as defined below) by gift, bequest or domestic relations order; and provided further that the transferee agrees in writing with the Company and the Partnership to be bound by all the terms and conditions of this Agreement and that subsequent transfers shall be prohibited except those in accordance with this Section 7. Additionally, all such Transfers must be in compliance with all applicable securities laws (including, without limitation, the Securities Act). In connection with any such Transfer, the Company may require the Grantee to provide an opinion of counsel, satisfactory to the Company that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted Transfer not in accordance with the terms and conditions of this Section 7 shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Award RSUs or Vested RSUs as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer. Except as provided in this Section 7, this Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

(b) For purposes of this Agreement, “Family Member” of a Grantee, means the Grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother- in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee’s household (other than a tenant of the Grantee), a trust in which one or more of these persons (or the Grantee) own more than 50 percent of the beneficial interests, and a partnership or limited liability company in which one or more of these persons (or the Grantee) own more than 50 percent of the voting interests.

8. Miscellaneous.

(a) Amendments. This Agreement may be amended or modified only with the consent of the Company and the Partnership acting through the Committee, in its sole and absolute discretion; provided that any such amendment or modification must be consented to by the Grantee to be effective as against him or her. This grant shall in no way affect the Grantee’s participation or benefits under any other plan or benefit program maintained or provided by the Company or the Partnership or any of their subsidiaries or affiliates.

(b) Clawback. The Company has adopted an “Executive Compensation Clawback Policy” (“Clawback Policy”) applicable to all performance-based compensation paid or to be paid to the executive officers of the Company. Grantee hereby agrees that the Award RSUs which are awarded under terms of this Agreement and which may become Vested RSUs, and ultimately shares of Common Stock hereunder, are and shall remain subject to the Clawback Policy, as the same may be hereafter amended, modified or supplemented with the approval of the Committee, in its sole and absolute discretion. Further, Grantee agrees that should the Committee, in its sole and absolute discretion, determine that any Vested RSUs hereunder or shares of Common Stock paid to Grantee to settle any Vested RSUs must be forfeited by the Grantee pursuant to the Clawback Policy, Grantee shall tender repayment or forfeiture of the Vested RSUs or shares of

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Common Stock, as the case may be, to the Company in amounts as may be determined from time-to-time by the Committee, in its sole and absolute discretion, all in accordance with the Clawback Policy.

(c) Incorporation of Plan; Committee Determinations. The provisions of the Plan are hereby incorporated by reference as if set forth herein. The Committee will make the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications. In the event of a Change of Control, the Committee will make such determinations within a period of time that enables the Company to make any payments due hereunder not later than the date of consummation of the Change of Control.

(d) Status of RSUs; Plan Matters. This Award constitutes an incentive compensation award under the Plan. The number of shares of Common Stock reserved for issuance under the Plan underlying outstanding Award RSUs will be determined by the Committee, in its sole and absolute discretion, in light of all applicable circumstances, including under Section 3.

(e) Legend. The records of the Company evidencing the RSUs shall bear an appropriate legend, as determined by the Company in its sole discretion, to the effect that such RSUs are subject to restrictions as set forth herein.

(f) Compliance With Law. The Company and the Grantee will make reasonable efforts to comply with all applicable securities laws. In addition, notwithstanding any provision of this Agreement to the contrary, no RSUs will become Vested RSUs at a time that such vesting would result in a violation of any such law.

(g) Grantee Representations; Registration.

(i) The Grantee hereby represents and warrants that (A) he or she understands that he or she is responsible for consulting his or her own tax advisor with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of this Award may become subject, to his or her particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the Grantee has been afforded the opportunity to obtain such additional information as he or she deemed necessary before accepting this Award; and (D) the Grantee has had an opportunity to ask questions of representatives of the Company, or persons acting on their behalf, concerning this Award before accepting this Award.

(ii) The Grantee hereby acknowledges that: (A) shares of Common Stock issued under the Plan in settlement of the RSUs, if any, are expected to be covered by a Registration Statement on Form S-8 (or a successor form under applicable rules and regulations of the SEC) under the Securities Act, to the extent that the Grantee is eligible to receive such shares under the Plan at the time of such issuance and such Registration Statement is then effective under the Securities Act; and (B) resales of shares of Common Stock issued under the Plan in settlement of the RSUs, if any, shall only be made in compliance with all applicable restrictions (including in certain cases “blackout periods” forbidding sales of Company securities) set forth in the then applicable Company

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employee manual or insider trading policy and in compliance with the registration requirements of the Securities Act or pursuant to an applicable exemption therefrom.

(h) Tax Consequences. The Grantee acknowledges that (i) neither the Company nor the Partnership has made any representations or given any advice with respect to the tax consequences of acquiring, holding, selling or settling the RSUs or making any tax election with respect to the RSUs and (ii) the Grantee is relying upon the advice of his or her own tax advisor in determining such tax consequences.

(i) Severability. If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect.

(j) Governing Law. This Agreement is made under, and will be construed in accordance with, the laws of the State of Delaware, without giving effect to the principles of conflict of laws of such state.

(k) No Obligation to Continue Position as an Employee, Consultant or Advisor. Neither the Company nor any affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this Agreement shall not interfere in any way with the right of the Company or any affiliate to terminate the Grantee’s employment at any time.

(l) Rights as Stockholder. Neither the Grantee nor any person claiming under or through the Grantee will have any of the rights or privileges of a stockholder of the Company in respect of any shares of Common Stock deliverable hereunder unless and until certificates representing such shares of Common Stock will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Grantee or any person claiming under or through the Grantee.

(m) Notices. Any notice to be given to the Company shall be addressed to the Secretary of the Company at 225 West Washington Street, Indianapolis, Indiana 46204, and any notice to be given to the Grantee shall be addressed to the Grantee at the Grantee’s address as it appears on the employment records of the Company, or at such other address as the Company or the Grantee may hereafter designate in writing to the other.

(n) Withholding and Taxes. No later than the date as of which an amount first becomes includible in the gross income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to this Award, the Grantee will pay to the Company or, if appropriate, any of its affiliates, or make arrangements satisfactory to the Committee, in its sole and absolute discretion, regarding the payment of any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount; provided, however, that if any RSUs or Shares of Common Stock are withheld (or returned), the number of RSUs or shares of Common Stock so withheld (or returned) shall be limited to the number which have a fair market value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company and its affiliates shall, to the

-10- extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee.

(o) Headings. The headings of paragraphs of this Agreement are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

(p) Counterparts. This Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument.

(q) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and any successors to the Company and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will or the laws of descent and distribution, but this Agreement shall not otherwise be assignable or otherwise subject to hypothecation by the Grantee.

(r) Section 409A. This Agreement shall be construed, administered and interpreted in accordance with a good faith interpretation of Section 409A of the Code, to the extent applicable. Any provision of this Agreement that is inconsistent with applicable provisions of Section 409A of the Code, or that may result in penalties under Section 409A of the Code, shall be amended, with the reasonable cooperation of the Grantee and the Company and the Partnership, to the extent necessary to exempt it from, or bring it into compliance with, Section 409A of the Code.

[Remainder of page left intentionally blank]

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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of .

SIMON PROPERTY GROUP, INC., a Delaware corporation

By: Name: Title:

SIMON PROPERTY GROUP, L.P., a Delaware limited partnership

By: Simon Property Group, Inc., a Delaware corporation, its general partner

By: Name: Title:

GRANTEE

Name: [GRANTEE]

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SCHEDULE A TO [INSERT YEAR] RESTRICTED STOCK UNIT AWARD AGREEMENT

Grant Date: [INSERT DATE]

Name of Grantee: [GRANTEE]

NUMBER OF AWARD RSUs: [______]

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List of Subsidiaries of Simon Property Group, Inc.

Subsidiary Jurisdiction Simon Property Group, L.P...... Delaware The Retail Property Trust ...... Massachusetts Simon Property Group (Illinois), L.P...... Illinois Simon Property Group (Texas), L.P...... Texas M.S. Management Associates, Inc...... Delaware Simon Property Group Administrative Services Partnership, L.P...... Delaware Kravco Simon Investments, L.P...... Pennsylvania Premium Outlet Partners, L.P...... Delaware SPG Mayflower, LLC ...... Delaware Silver Merger Sub 1, LLC ...... Delaware Silver Merger Sub 2, LLC ...... Delaware Simon Global Development B.V...... Netherlands Simon MAC S.a.r.l...... Luxembourg Simon International S.a.r.l...... Luxembourg

List of Subsidiaries of Simon Property Group, L.P.

Subsidiary Jurisdiction The Retail Property Trust ...... Massachusetts Simon Property Group (Illinois), L.P...... Illinois Simon Property Group (Texas), L.P...... Texas M.S. Management Associates, Inc...... Delaware Simon Property Group Administrative Services Partnership, L.P...... Delaware Kravco Simon Investments, L.P...... Pennsylvania Premium Outlet Partners, L.P...... Delaware SPG Mayflower, LLC ...... Delaware Silver Merger Sub 1, LLC ...... Delaware Silver Merger Sub 2, LLC ...... Delaware Simon Global Development B.V...... Netherlands Simon MAC S.a.r.l...... Luxembourg Simon International S.a.r.l...... Luxembourg

Omits names of subsidiaries that as of December 31, 2020 were not, in the aggregate, “significant subsidiaries.”

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the following Registration Statements: (1) Registration Statement (Form S-3 No. 333-223199) of Simon Property Group, Inc., (2) Registration Statement (Form S-4 No. 333-118247) of Simon Property Group, Inc., (3) Registration Statements (Form S-8 Nos. 333-64313, 333-101185 and 333-183213) pertaining to the Simon Property Group L.P. Amended and Restated 1998 Stock Incentive Plan, (4) Registration Statement (Form S-8 No. 333-82471) pertaining to the Simon Property Group and Adopting Entities Matching Savings Plan, (5) Registration Statement (Form S-8 No. 333-63919) pertaining to the Corporate Property Investors, Inc. and Corporate Realty Consultants, Inc. Employee Share Purchase Plan, and (6) Registration Statement (Form S-8 No. 333-231285) pertaining to the Simon Property Group, L.P. 2019 Stock Incentive Plan; of our reports dated February 25, 2021, with respect to the consolidated financial statements and schedule of Simon Property Group, Inc. and the effectiveness of internal control over financial reporting of Simon Property Group, Inc. included in this Annual Report (Form 10-K) of Simon Property Group, Inc. for the year ended December 31, 2020.

/s/ ERNST & YOUNG LLP

Indianapolis, Indiana February 25, 2021

Exhibit 23.2

Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the Registration Statement (Form S-3 No. 333-223199-01) of Simon Property Group, L.P. and in the related Prospectus of our reports dated February 25, 2021, with respect to the consolidated financial statements and schedule of Simon Property Group, L.P. and the effectiveness of internal control over financial reporting of Simon Property Group, L.P., included in this Annual Report (Form 10-K) of Simon Property Group, L.P. for the year ended December 31, 2020.

/s/ ERNST & YOUNG LLP

Indianapolis, Indiana February 25, 2021

Exhibit 31.1

Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, David Simon, certify that: 1. I have reviewed this Annual Report on Form 10-K of Simon Property Group, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 25, 2021

/s/ DAVID SIMON David Simon Chairman of the Board of Directors, Chief Executive Officer and President

Exhibit 31.2

Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Brian J. McDade, certify that: 1. I have reviewed this Annual Report on Form 10-K of Simon Property Group, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 25, 2021

/s/ BRIAN J. MCDADE Brian J. McDade Executive Vice President, Chief Financial Officer and Treasurer

EXHIBIT 31.3 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Simon, certify that:

1. I have reviewed this annual report on Form 10-K of Simon Property Group, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 25, 2021

/s/ DAVID SIMON David Simon Chairman of the Board of Directors, Chief Executive Officer and President of Simon Property Group, Inc., General Partner

EXHIBIT 31.4 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian J. McDade, certify that:

1. I have reviewed this annual report on Form 10-K of Simon Property Group, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 25, 2021

/s/ BRIAN J. MCDADE Brian J. McDade Executive Vice President, Chief Financial Officer and Treasurer of Simon Property Group, Inc., General Partner

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Simon Property Group, Inc. on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Simon Property Group, Inc.

/s/ DAVID SIMON David Simon Chairman of the Board of Directors, Chief Executive Officer and President

February 25, 2021

/s/ BRIAN J. MCDADE Brian J. McDade Executive Vice President, Chief Financial Officer and Treasurer

February 25, 2021

EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Simon Property Group, L.P. (the “Company”) on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ DAVID SIMON David Simon Chairman of the Board of Directors, Chief Executive Officer and President of Simon Property Group, Inc., General Partner Date: February 25, 2021

/s/ BRIAN J. MCDADE Brian J. McDade Executive Vice President, Chief Financial Officer and Treasurer of Simon Property Group, Inc., General Partner Date: February 25, 2021